With reference to the Employees’ Provident Funds (EPF) scheme, consider the following statements:
1. It is a mandatory savings scheme under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
2. It covers every establishment where 50 or more persons are employed.
3. The Central Board of Trustee takes a call on the interest rates that have to be provided on the provident fund deposits, every quarter.
Which of the statement given above is/are correct?1
1 only
2
2 only
3
3 only
4
Both 1 and 2
5
Both 1 and 3