Exams › IBPS PO › General Awareness

Which of the following is an incorrect statement regarding EPFO?

1. EPFO has quasi-judicial powers
2. EPF interest rate is reviewed every year by EPFO Central Board of Trustees.
3. Employee and employer have equal contribution payable to EPF account
4. EPF scheme covers both organized and unorganized sector.

Correct answer: EPF scheme covers both organized and unorganized sector.

Solution

The EPF scheme mainly applies to the organized sector, not both organized and unorganized sectors. The other statements are generally correct in the context of EPFO and EPF administration.

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