IBPS PO General Awareness: Social Security and Pension Schemes questions with solutions

Q1. 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.

Answer: EPF scheme covers both organized and unorganized sector.

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.