Kunal Yadav Black Book

PROJECT ON
" A STUDY ON CHALLENGE FACED BY EMPLOYEES IN EMPLOYEES

PROVIDENT FUND ORGANIZATION IN KDMC AREA. "
A Project Submitted to
for partial completion of the degree of
Bachelor of Management Studies [ BMS ]

for
SEMESTER VI
2023-2024
Submitted By
Mr. KUNAL RAJESH YADAV
ROLL NO: 27
Under the Guidance of
Prof. Akshada Bari
K. M. AGRAWAL COLLEGE OF ARTS, COMMERCE AND SCIENCE, GANDHARE,

KALYAN (W).
K. M. AGRAWAL COLLEGE OF ARTS, COMMERCE AND SCIENCE,
GANDHARE, KALYAN (W).
Certificate
This is to certify that Mr. KUNAL RAJESH YADAV has worked and duly completed his
Project Work for the degree of Bachelor of Management Studies and his projectis
entitled, A STUDY ON CHALLENGE FACED BY EMPLOYEES IN EMPLOYEES
PROVIDENT FUND ORGANIZATION IN KDMC AREA. under my supervision.
I further certify that the entire work has been done by the learner under my guidance and
that no part of it has been submitted previously for any Degree or Diploma of any
University.
It is his own work and facts reported by his personal findings and investigations.
Project Guide External Guide
Prof. Akshada Bari
Course Co-ordinator Self-Financing Incharge

Mr. Mahendra Pandey Mr. Sujeet Singh
Principal
Dr. Anita Manna
DATE OF SUBMISSION :
Declaration
I the undersigned Mr. Kunal Rajesh Yadav here by, declare that the work embodied in
this project work titled, A STUDY ON CHALLENGE FACED BY EMPLOYEES IN
EMPLOYEES PROVIDENT FUND ORGANIZATION IN KDMC AREA , forms my own
contribution to the research work carried out under the guidance of
Prof. Akshada Bari is a result of my own research work and has not been previously
submitted to any other University for any other Degree / Diploma to this or any other
University. Wherever reference has been made to previous works of others, it has been
clearly indicated.
I, here by further declare that all information of this document has been obtained and
presented in accordance with academic rules and ethical conduct.
Certified By Name & Signature of learner

Prof. Akshada Bari Mr. Kunal Rajesh Yadav
Acknowledgement
To list who all have helped me is difficult because they are so numerous and the
depth is so enormous.
I would like to acknowledge the following as being idealistic channels and fresh
dimensions in the completion of this project.
 I take this opportunity to thank the University of Mumbai for giving me chance to
do this project.
 I would like to thank my Principal, Dr. Anita Manna for providing the necessary
facilities required for completion of this project.
 I take this opportunity to thank our Course Co-ordinator, Mr. Mahendra Pandey
Self-Financing Incharge, Mr. Sujeet Singh for their moral support and guidance.
 I would also like to express my sincere gratitude towards my project guide
Prof. Khushboo Bhatia whose guidance made the project successful.
 I would like to thank my College Library, for having provided various reference
books and magazines related to my project.
 Lastly, I would like to thank each and every person who directly or indirectly helped
me in the completion of the project especially My Parents and Peers who
supported me throughout my project.
Table of Contents
CHAPTER 1 : INTRODUCTION ............................................................................................................................... 6
1.1 INTRODUCTION ................................................................................................................................................ 7
1.2 Back ground of the study:...................................................................................................................................... 9
1.3 PROBLEM STATEMENT .......................................................................................................................................... 9
1.4 Research question. .............................................................................................................................................. 10
1.5 Research aim & objectives .................................................................................................................................. 10
1.6 Scope of study .................................................................................................................................................... 10
1.7 significance of the study ...................................................................................................................................... 10
1.8 Definition of key terms ........................................................................................................................................ 11
CHAPTER 2.REVIEW OF LITERATURE.......................................................................................................................... 26
CHAPTER 3.METHODOLOGY...................................................................................................................................... 35
CHAPTER 4 : DATA ANALYSIS, INTERPRETATION AND PRESENTATION ....................................................................... 39
CHAPTER 5.CONCLUSION .......................................................................................................................................... 57
CHAPTER 6: SUMMARY AND FINDINGS ..................................................................................................................... 58
CHAPTER 7:BIBLIOGRAPHY
TABLE OF FIGURES
Figure 1Age VO2 ANOVA Analysis ............................................................................................................................ 39

Figure 5Age V06 ANOVA Analysis ............................................................................................................................. 41
Figure 9Gender V01 ANOVA Analysis ....................................................................................................................... 44
Figure 10Gender V02 ANOVA Analysis ..................................................................................................................... 45
Figure 14 Gender V06 ANOVA Analysis .................................................................................................................... 47
Figure 15 Gender V07 ANOVA Analysis .................................................................................................................... 48
Figure 18Profession V01 ANOVA Analysis ................................................................................................................ 49
Figure 22 Profession V05 ANOVA Analysis ............................................................................................................... 52
CHAPTER 1: INTRODUCTION
1.1 INTRODUCTION:
An employee provident fund or pf is a kind of security benefit wherein the benefits are paid in a lump-sum
amount at the time of retirement. In India, it is referred to as Employees Provident Fund or EPF and is
administrated by the Employees Provident Fund Organisation. Under the EPF scheme, both employer’s &
employees contribute towards the provident fund. This contribution from both the employer & the employee
is deposited in deposited in the EPF account. Each employee is deposited in the EPF account. Each
employee enrolled under EPF scheme will have an EPF Account & a PF Account. The PF number of an
employee will change if the organization changes.
EPFO is considered as the world’s largest social security organization in respect of volumes of
transactions undertaken and clientele. It works under the administrative control of the Ministry of Labour
and Employment which is management by the government of India. Any company that employees 20 or
more employees and is engaged in the industry specified in schedule of the EPF Act or any other Activity
notify by the government must register with EPFO.
1.1.2. Rationale of the study:

The Rationale for one study is the justification for taking a given study. It states the reasons why the
researcher chooses to focus on the topic in question, including what the significance is and what gaps
the research intends to fill. In short, it is an explanation that rationalises the need for the study.
The reasons behind conducting that research are to understand the problem / challenges faced by
the employees during withdrawal of EPF Funds. To create awareness about EPFO. Role of
government in solving grievances/challenges faced by employees.
1.1.1.1 Background on what all research have been done on the study topic.
It is studied that major contributor in case of EPF is employer & employee & government’s
contribution towards the welfare of employee is nil. Next to provident fund the pension fund is also
increasing. Next to provident fund & pension EDLI which is helping a lot to the employees it is the
point of schemes to provide life insurance coverage to all employees.
1.1.2.2. What is missing?
It refers to the research done by literature which has certain gaps between research study and our
study. The data collection on EPF contribution of employees in KDMC area. Understanding the overall
challenges in EPF.
1.1.2.4. Identifying the gaps in the literature.
There are various research paper studied while making the study of different literatures in order to use it as
a secondary source and find appropriate data for the same. There could be many gaps in literatures because
each individual has its own point of view and expresses the same in their research. Gaps refers to differences
in opinion which is identified. In this research, the gaps analysed are: About how changes in inflation rate
can bring about changes in EPFO. How taxes are imposed & interest are calculated.
1.1.2.5 Importance of addressing gaps

Research gaps are particularly useful for the advance of science, in general. Finding the gaps and
having the means to develop a complete and sustained study on it can be rewarding too. The research
gaps are: Issues or topics related to the main question that still hasn’t been subject to a scientific
study. So, important to take notice of them.
1.1.3.1 Need for the study:
In simple terms, the need of the study is basically the importance of the study and it is mostly stated in
the introduction section of the research.
Under this research, the need of the study is:
 To understand the level of contribution by employees in EPF.
 To have a comparative study on previous & current years contribution.
 To find various solution to the customer’s grievances & problems.
 How EPF provide benefit in emergency situation such as paying off debts or at the time premature
death of an employee.
1.1.3.2 The gaps in the literature that demand attention.
Under this section, the most demanding areas are focused and they are: Gender based
contribution in EPF. Percentage of female employee contribution in EPF. Methods to overcome the problem
in EPF.
1.1.3.2 Highlight potential contribution of the study in improving practice.

High potential contribution of the study is an important factor in improving the research and focuses
on the following area: Social security of not only employee & his family member but the entire
population must be covered under this section. Government role in providing security to PF Account
holders.
1.2 Back ground of the study:
The EPF Contributions apply for employers with at least 20 employers. Membership is compulsory
for domestic & international employees earning basic wages of INR 15000 or less per month. Voluntary
coverage is available for members earning greater that INR 15000 per month. Employers are required to
contribute 12% of an eligible employee’s basic wages, dearness allowance, retaining allowance & cash value
of any food concessions. Employees are required to make matching contributions.
1.2.1 Review of the area being researched:

It refers to the area that has being taken into consideration in research which are as
follows:
 Research on how government role & contribution can help employees in
emergency from EPFO.
 Not only the members but the entire family must be covered under social security
to avail the EPF benefit.
 As inflation increases the interest in EPF funds must also increase so that
employees can deal with current scenario.
1.2.2 Current scenario related to the issue area:
 According to the Finance Ministry, there will be no interest rate loss for
Employees' Provident Fund Organisation (EPFO) subscribers, and the delay in
crediting interest rate for FY22 is due to a software upgrade due to tax changes
made last year.
1.3 PROBLEM STATEMENT

It refers to the area where the focus is that is the major problem faced in EPFO by
employees and they are: At individual level, social security is taken into account.
At national level, how inflation rate & government role & contribution in EPF can impact or have
changes in EPFO.
1.3.1 Background of the research problem:
 Current inflation rates in country is 7.4 % while interest on EPF is 8.10%. Situation
where interest rate is less than inflation, it has become difficult for the employees
to cope with financial situation.
 EPF withdrawal must be made easy & not must interest rate should be deducted.
As EPFO is a kind of long-term savings & main objective is to provide security at
the time of emergency.
1.4 Research question.

 Do you think employees provident fund organization provides security to the employees as well as his or her
family member at the time of emergency?
 Do you think digitalized employees provident fund organization would be easy to solve grievances of
employees and keep better control over funds?
 Do you think interest rates should have no dependency on inflation?
 Do you think employer contribution to employees provident fund is 12%?
 Do you think employees can withdraw fund after 54 years of age?
 Do you think having universal access is a benefit for members as they can have access from anywhere in the
world?
 Do you think pension benefit must be given to employees when they are actively working?
 Do you think registration process for universal access is complex and lengthy?
1.5 Research aim & objectives

 To understand current working pattern to EPF.
 To identify issues faced by employees in EPFO.
 To understand various grievance of customer’s & finding appropriate solutions to it.
1.6 Scope of study

The scope of the study in the research work explains the extent to which the research area will be
explored in the work and specifies the parameter within the study will be operating.
 The general purpose of research is to factors influencing EPF interest.
 This study covers the KDMC area i.e., data will be collected in KDMC area & will be
analysed.
 This study will take maximum of 2 months.
1.7 significance of the study

The significance of the study is its importance. It refers to the contribution to and impact of the
study on a research field. the significance also signals who benefits from the research finding and how.
 The importance of this research work is to find out how the contribution of employee in
EPF can help them & their families in emergency.
 How a role of government can bring about changes in EPF.
 How inflation rate & religious belief can affect EPF interest rates.
1.8 Definition of key terms
 Inflation: A general increase in prices & fall in the purchasing value of money.
 Social security: Protection that a society provides to an individual & household to
ensure access to healthcare & to guarantee income security.
 Withdrawal: the action of withdrawing something.
BENEFITS:
 Capital Appreciation: The PF online scheme offers a pre-fixed interest on the deposit held with the
EPF India. Additionally, reward extended at maturity further ensure growth in the employees fund
and accelerate capital appreciation.
 Corpus for Retirement: Around 8.5%of an employer’s contribution is directed towards the Employee
Pension Scheme. In the long run, the sum deposited towards the employees provident fund helps to
build a healthy retirement corpus. Such corpus would extend a sense of financial security &
independence to them after retirement.
 Emergency Corpus: Uncertainties are a part of life. Therefore, being financially prepared to face such
unwarranted situations is the best an individual can do to deal with exigencies. An EPF Fund acts as
an emergency corpus when an individual requires emergency funds.
 Tax saving: Under section 80C of the Indian Income Tax Act, an employee’s contribution towards
their PF account is deemed eligible for tax exemption. Moreover, earnings generated through EPF
Schemes are exempted can be availed up to a limit of Rs. 1.5 lakhs. The tax benefits applicable to the
Employees Provident Fund scheme ensure higher earnings to the members. It further improves
savings & an individual’s purchasing power in the long-term.
EPF ELIGIBILITY CRITERIA:

If you are a salaried employee with a less than Rs. 15000 per month, it is mandatory for you to be
opened an EPF Account by your employer. Organization with 20 or more employees are required by
law to register for the EPF scheme, while those with fewer than 20 can also register voluntarily. If
you are drawing a salary higher than Rs. 15000 per month, you are termed a non-eligible employee
and it is not mandatory for you to become a member of EPF, although you can still register with the
consent of your employer & approval from the assistant PF Commissioner.
CALCULATION OF INTEREST IN EPF:

The interest extended on EPF scheme is calculated each month and is calculated by dividing rate p.a
by 12. Such a method helps to calculate the specific interest that is offered to member employees for
a given month.
E.g.: If the rate of interest is 8.5% p.a. the rate for each month would be 8.5/12 i.e., 0.7125%.
Now, the 12% of an individual’s salary is directed towards their EPF Account. Assuming
That the salary is directed Rs. 15000 per month -12% of 1500 would accrues Rs. 1800 by
month end which would be transferred to the individuals PDF account.
ADVANTAGES:
 Retirement is a part of human life. Life doesn’t end with retirement rather a person requires more
financial support after his or her retirement. The Act extends to whole of India except the state of
Jammu & Kashmir. According to section 3 of the Act, it applies in the industry’s which are specified
in schedule 1 of the Act. And every individual where at least 20 or more employee’s are employed.
 The principal purpose of the Employees Provident Fund Act was to shield the intrigue and welfare of
the representatives by the foundation of the necessary contributory Provident Fund to the worker to
which both the boss & the worker will contribute the recommended level of wages.
 Employee’s employed in an industry who receive wages up to 6500 per month will be eligible for the
fund. Casual labour or an apprentice working under the apprentice act will not be eligible for the
employees provident fund. The limit of 6500 is extended up to 15000 after an amendment brought by
the central government which was enforced on the 1 st of September, 2014. There was a rule where a
worker would be working for 3 months first and then after they would be eligible for the fund.
However this rule has been omitted from the Act.
 The employees provident fund will be kept adding on a monthly basis, except in these cases:The
person attains the age of 58 years.Early withdrawal of pension. Is dead. Received the full pension.
 Interest rate is 8.65% of interest rate is added per annum on the provident fund.
 Tax reduction is another advantage. The business commitment to the provident fund is tax exempt &
the commitment is charge deductible under are 80C of the Income Tax Act, 1961. Consequently, the
cash resources into the Provident Fund, the premium earned & cash, in the end are pulled back are
tax exempt.
 The PF accumulation of the member earn highest interest & calculated on monthly running balances.
The PF member can avail advances partial withdrawal for house construction, marriage, illness,
purchase of site, etc.
 In case of premature death, it is payable to nominee or family members. The payment of PF fund is
assured even if the employer default in paying his share of contribution.
DISADVANTAGE:
 EPF Account requires you to deposit a regular amount of money throughout your professional life. It
is only after retirement that you get the returns. If you are in dire need of money during your working
life you cannot get the cash.
 During your working life, employees cannot withdraw money from the fund. Premature withdrawal
is only allowed under specific circumstances, and only after producing various documents and
completing a complicated and hassling list of paper work.
 The Account cannot be closed earlier than retirement, except only on the death of the subscriber.
 The factors of inflation are a significant one when it comes to EPF. When you retire, the cost of
living would be more expensive than it is now, due to the ever-growing inflation. In that costly
market, your savings would seem meagre & will be stripped off of any value.
 EPF scheme is a list of compulsion that are strictly enforced upon the subscriber. You are forced to
put down a part of your income as savings every month. This reduces your financial capabilities &
dictates you to give up a chunk of your money that could have been used for something else, maybe
even on a more profitable investment scheme.
 Another disadvantage is liquidity. Money that you invest cannot be withdrawn until you are
unemployed for 2 months or until retirement. While there is an exception in case of emergency, these
funds cannot be accessed at will. Hence, individuals whose expenses meet their earnings may
consider increasing their take home salaries by avoiding PF contribution.
 It’s important to check if the company you are joining has been regularly contributing to the
Provident Fund. In some cases, companies might default on their contributions due to financial
shortcomings, without the employee knowing any better. If you are dubious about your company’s
capabilities to meet its provident fund contribution obligation, getting paid at the end of the month
might be a more viable option.
VISION:
Employees Provident Fund Organisation has a vision to reposition itself on itself as a world Class
security organisation providing world class security organisation providing world class service to:
 Reduce the time for settlement of claim from 30 days at present to 3 days.
 Provide hassle free service to the subscribers from EPFO offices.
 Ensure that all cover establishment are complying with the requirement of the statue.
 Encourage and promote the voluntary compliance.
 Monthly Updating of member account.
 On line access to member account.
 To be the most caring superannuation fund in the region enabling our member to have contented
retirement life.
MISSION:
 To provide maximum retirement benefits and an efficient service to our members through
prudent and innovative management of the fund.
 To reach and quality publicly managed old aged income security through consistent and ever
improving standard to compliance and benefit delivery in a manner that wins the approval and
confidence of members in our methods, fairness, honesty and integrity contributing to the
economic and social well-being of member.
DIFFERENCE BETWEEN EMPLOYEES PROVIDENT FUND AND PUBLIC

PROVIDENT FUND.
PARAMETER PUBLIC PROVIDENT EMPLOYEES PROVIDENT

FUND FUND
Eligibility to invest Any India, except for NRI. Only salaried employee of a
Includes students, self- company registered under
employed, employee or employees provident fund
retired persons act.
Investment Amount Min ₹ 500 and max ₹ 150000 Compulsorily 12% of salary,
DA. It can be increased
voluntarily.
Tenure 15 years, extendable after that Can be closed by quitting job

for a block of 5 years permanently. Can be
indefinitely. transferred while changing
companies till retirement.
Rate of Interest 7.1% 8.50%

Contributor of fund Self or parent in case of Both employer and employee.
minor
Tax benefit The contribution is tax The contribution is tax

deductible under section 80C. deductible. The maturity
The maturity amount is also amount is tax free only on the
tax free. completion of 5 years.
Governing Act Government Saving Bank Employee Provident Fund

Act, 1873. (Earlier public and Miscellaneous Provision
provident fund act, 1952) Act, 1952.
Safety Safer Risky

Comparatively less liquid.
Liquidity Comparatively more liquid.
TYPES OF PROVIDENT FUND:
Employees Provident Fund is classified into 4 categories: Statutory Provident Fund, Recognized Provident
Fund, Unrecognized Provident Fund & Public Provident Fund. Let’s us have a brief look on the types of
funds & tax imposed on these funds.
Statutory Provident Fund:
It is set up under the provision of the provident fund act, 1925 maintained by the government & semi
government organisations, local authorities, railways, universities & educational institutions.
Tax on statutory Provident Fund:
Tax is exempted on employers contribution towards provident fund but deducted on employees contribution.
Interest credited to the provident fund & retirement payment are tax exempt.
Recognized Provident Fund:

Any establishment which is recognized by the commissioner of Income Tax is called as recognized
provident fund. To be recognized, an organization of 20 or more members shall invest funds as per the
theguidelines of PF Act, 1952 & can get an approval from the pf commissioner of income tax.
Tax on Recognized Provident Fund:
An employers contribution towards provident fund is taxable when it exceeds 12%. Tax is deducted from
employees contribution towards provident fund.
If the rate of interest credited to the provident fund is more than 9.5% tax will be deducted. The retirement
payment shall be tax exempt under the following circumstances:
1. If the employer rendered a continuous service of 5 or more years.

2. If the employee has been terminated due to certain reasons such as health issues, discontinuation of
business by the employer, etc.
3. If the employee resigns and then later re-joins in another organization.
4. If the entire balance standing to the credit of the employee is transferred to his/her account under
section 80C
Unrecognized Provident Fund:
The provident fund that is not recognized by commissioner of Income Tax is known as an unrecognized
provident fund.
Tax on unrecognized provident fund:
An employers contribution towards provident fund is tax exempt. The retirement payment is taxable
under the following conditions.
1. Payment received in respect of employers contribution & interest is taxable under the head salaries.
2. Payment is received in respect of Interest on employee’s contribution is taxable under the under the
head income from other sources.
3. Payment received in respect of employee’s contribution is not changeable on tax.
Public Provident Fund:
The Central government has established the public provident fund where any member, either salaried
employee or a business employed person shall participate by opening a PF account at the account at the state
bank of India or other nationalized banks. Any amount subjected to a minimum of Rs. 500 & maximum of
Rs. 1,50,000 per annum maybe deposited under this pf account, on which a certain sum of interest is credited
every year, which could be repayable after 15 years.
Tax on Public Provident Fund:
An employers contribution towards Provident fund is taxable. The interest paid to the provident fund and
the retirement payment are tax free.
Functions of EPF:
EPFO is performing the dual functions one as the regulator of the act to see the implementation & another
one as the service provider. It’s main function includes providing retirement benefits to private as well as
government employees. Overall, it performs of settling claims , maintaining individual account, & the
regulation of payment under pension scheme and others. In addition to this EPFO performs the below
functions
Functions of regional Committee Formed under EPFO:
 To issue the annual account slip to member.

 Perform function of the fast settlement claim .
 Sanction the advances fastly.
 Look after the progress of recovery of EPFO
Functions of the executives committee Formed under EPFO:
 Opening sub residential office.

 Creating new regions & updating the old one.
 Define work norm for all the staffs & all officer’s of the organizations
 Identifying the proposal for obtaining land & buildings.
Scope & power of the PF Commissioner:
Section 7A of the EPF Act vests the pf commissioner with powers similar to that of a civil court. I.e.
enforcement of the attendance of any person or examination of the person on oath, discovery & inspection of
documents, receipt of evidence on affidavit, & issuance of commissions for the examination of the witness.
The scope of this section is extensive to protect the interest of the employee in various instances. The PF
Commissioners can initiate an inquiry into the matters including but not limited to:
 Case where a dispute of arises regarding the applicability of the EPF Act to an establishment.
 Cases involving the determining the amount due from any covered establishment under the EPF act
and the scheme framed there under.
 Cases involving the determination of entitlement of an employee for the membership and
 Cases involving breach of any of the provisions of exempted provident fund trust.
The avowed object of section 7A of the EPF Act is to ensure that the eligible employees are not deprived of
their social security benefit of the Central government or the state government, rather it is a collection for the
benefit of specific eligible employees. Given the sane, it becomes imminent that the PF Commissioner
necessarily identify the employees for whose benefit the dues are being assessed in an inquiry initiated
against a covered establishment.
High courts across the country have repeatedly held that the determination of employees provident fund dues
without identification of beneficiaries by authorities will not be tenable. In Reg. Provident Fund Commr. V
Faridabad Thermal power station, the Punjab and Haryana high court as held that:
 An order passed under section 7A of the EPF Act is not sustainable if the employees provident fund
contributions etc. have been determined without identification of actual beneficiaries.
 In case the authority under section 7 A of the act passes an order determining the EPF Contributions
to be remitted by employer without identifications, it would not be appropriate.
 In case the authority under section 8 A of the EPF Act fails to exercise the modes prescribed by law
to identify the actual beneficiaries, it would be construed that the order passed is without application
of mind & not sustainable
Is EPF SAFE?
A favourite saving scheme for the salaried class employees provident fund organization on Saturday has
announced to cut the interest rate to 8.1% which cane as a shocker to nearly 60 million active EPFO
subscribers. This is the lowest since 1977 when the interest rate stood at 8% the news agency added. For
many Indian investors, it is the primary savings for retirement purpose even then they totally don’t
understand how the money is invested.
HOW THE EPF INVEST ITS MONEY?
The EPFO follows a very simple and by the book strategy when it comes to investing. As per rules, 85% of
annual accruals are invested in debt & 15% in equities.
 Debt investment: while choosing the debt instruments , the organization has to make sure to invest in
government securities in the range of minimum of 45% and maximum of 65%. Again, another 20 to
50% needs to be invested in listed debt securities issued by corporate entities, including banks &
public financial institutions. Apart from this , it is allowed to invest in short term related investments
up to 5% considering underlying papers have a minimum rating of A1 + by 2 rating agencies
registered by SEBI.
 Equity investment : For equities, it can invest in MF & ETF that mimics the Sensex and nifty indices
and are SEBI registered. Also, they can directly invest in listed shares of companies with a market
capitalisation of less than ₹5000 crore as on the date of investment & REITS regulated by SEBI.
THE PROVIDENT FUND SAVING S ARE MANDATORY ABD AS PER EPFO RULES, ATLEAST
12% OF AN EMPLOYEES BASIC SALARY IS COMPULSORILY DEDUCTED FOR THE SAVING &
ANOTHER 12% IS DEPOSITED BY THE EMPLOYER.
STRUCTURE OF EPF :
EPFO act is administrated by the central board of trustees. If we look at the structure, it consists of the
central board & executive committee which consist of the following:
CENTRAL BOARD :
It is administrated by the central board of trustees under the central government. Under this board following
members are included :
 A chairman.
 A Vice chairman.
 A 5 Central government representative.
 15 states government representative.
 10 person – representing the employee.
 10 person – representing the employers.
EXECUTIVE COMMITTEE:
It is comprised by central government through the notification in the official gazette. Members of the
executive committee are selected from the members of the central board that includes :
 A chairman.
 Central PF commissioner.
 2 central government official representative.
 3 state government official representatives.
 3 employee’s representatives .
 3 employers representative
SPECIAL ALLOWANCE :
On 28 February 2019, the supreme court of India ruled that special allowances will be included in the scope
of basic wages & shall therefore be a subject to employees provident fund (EPF) contribution.
This issue has been subjected to extensive litigation as it common practices for employers to divide the total
salary into basic salary & allowances. This practice allowed employers to avoid paying employers PF
contributions on allowances that should have been part of the basic wage.
BACKGROUND :
The EPF Contributions apply for employers with at least 20 employers. Membership is compulsory for
domestic & international employees earning basic wages of INR 15000 or less per month. Voluntary
coverage is available for members earning greater that INR 15000 per month.
Employers are required to contribute 12% of an eligible employee’s basic wages, dearness allowance,
retaining allowance & cash value of any food concessions. Employees are required to make matching
contributions.
KEY DETAILS :
The expression basic salary as defined in the Employees Provident Funds & Miscellaneous Provision Act
does not specify to EPF contributors. The Act only states “ any other similar allowance payable to the
employee in respect of his employment or of work done in such employment.” Over the past few years,
numerous lower courts have been trying to interpret the phrase “ or any other similar allowances, leading to
confusion & conflicting judgements.
This supreme court ruling was long – awaited & failing clarified that universal & specific allowance paid by
the employer to the employee in accordance with the terms of the employment should qualify as basic
wages. Further, these allowances are subject to EPF Contributions. However, the following allowances shall
be executed:
 Allowance which are variable in nature, including leave encashment, overtime, house rent
allowances , canteen allowances which are specifically paid to workers who are required to remain
on machines during lunch period.
 Allowances linked to any incentives for production like commissions & bonuses.
 Allowances which are not paid across-the-board to all employees in a particular category.
NEXT STEP :
This ruling has a significant impact on both employers & employees subject to mandatory EPF
contributions. Employers should review their compensation structure & determine gaps compliance, as there
is no statute of limitation of limitation period under the Act. As the ruling will apply retroactively, employers
should also a budget for a potential increase in provident increase in provident fund liabilities. Employees
might see their EPF contributions increase, which will decrease their net take home pay but increase
retirement saving. The supreme court ruling is likely to increase the no. Of inspections & audits by provident
fund authorities to recover non complaint contributors & interest, as well as damages for delayed
contribution.
MODI GOVERNMENT ASSURES SAVINGS IN EPF WILL BE SAFE, DESPITE RELIANCE

CAPITAL’S PAYMENT DEFAULT.
Senior official says government always has a buffer or surplus from returns it makes on EPFO investment,
which ensures that employees saving remains protected.
NEW DELHI : The union labour & employment ministry has assured that the savings of subscribers in the
Employees Provident Fund scheme will be protected, irrespective of the returns made on investment by the
organisation that runs that runs the scheme in corporate bonds of private companies.
This is after Anil-Ambani owned reliance capital defaulted on its interest payments to the EPFO.
According to a senior official, who spoke to the print on the condition of anonymity, the government always
has a buffer or surplus from the returns it makes on the EPFO investment which will ensure the employee
saving remain protected.
At least 80% of the corpus of the EPFO is invested in safe assets like securities, which do not default.
20% of the investment has to be in corporate bonds, including those issued by public sector undertaking, on
which there is high interest that we earn, so there is enough buffer to cover the liabilities.
The case in point here is that of reliance capital. Last week, minister of state for finance dr. Bhagwat karad
told Rajya Sabha that the firm, in whose non-convertible debentures, EPFO had invested ₹25,000 crore,
payment of ₹536.64 crore as on 30 November 2021.
Karad however said that there is no default on the principal payments of these NCDs.
“Ministry of Labour & Employment has further informed that as the maturity date of these investment has
not become due till date, there is no default on the principal,” karad had said.
The union labour ministry has fixed 8.5% interest for the year 2020-21 to subscribers of the EPF Scheme
resulting in a pay out of around ₹70,000 crore as interest, leaving a surplus of ₹1,000 crore. This was
mentioned at the meeting of central board of trustee’s of the EPFO in November 2021, as per government
source.
The first time Reliance Capital defaulted on the interest payment, various regulatory actions have been taken
against the company. The RBI superseded the board of Reliance capital & appointed Nageswar Rao Y,
former executive director of the bank of Maharashtra, as the administrator of Reliance capital.
THE TIME BOMB CALLED EPFO
The ongoing fiasco at the national stock exchange (NSE) is testimony to the blatant disregard of sound
corporate governance practices in institutions, which are allowed to function as closed entities, despite being
instrumental in decision & actions that have immense national as well as public significance.
Institution named the employee’s provident fund organization that is responsible & accountable for its
decisions & action that touch the lives of millions of the salaried class individuals, from daily wage earners
to the corporate honchos. But, in many ways, this same institution has , over the decades, conducted itself a
manner that gives it the form of a closed institutions has with a deep-rooted ethos and culture that is not in
consonance with a modern-day institution.
EPFO , which is a custodian of billions of rupees of the salaried class with almost no accountability to the
public & private comfortably safeguarded under the PF Act , an archaic statute legislated around the time of
Indian independence, continues to impose its medieval-mindset-driven relevance through its conduct ,
functioning , processes & people.
EPFO is nothing less than a long-term savings bank account of an individual with certain norms of
withdrawal & the so-called stipulation to ensure the savers corpus out of the monthly savings at the time of
his retirement is allowed to give him reasonable financial freedom of when he would need it the most.
So, in essence, it is a service-provider to millions of such individuals. But, find me a word service-provider
in the EPFO dictionary & soon everything that practitioners of PF in any organization or a mere salaried
person contributing to PF every month would begin to fall in place.
A closely guided fragile information technology infrastructure manifested through the unified portal, or
unified account number portal has been so unstable for years that even beta version of newly launched web
businesses will seem to be comforting the eyes. The EPFO portal has frequent periods of prolonged
downtime without a single notification to the users. Imagine an interest banking portal cut off for days!
Many would argue since it is long term savings account with limited transaction possibilities, why should
downtime people worry? Well, why not? Among all such people or users are those who have suddenly felt
the need to withdraw money for emergency medical reasons, especially during the pandemic, and have
struggled. In most cases, they have given up on the hopes of withdrawing funds from the PF portal because
of erratic behaviour of exhibited frequently by the portal.
WITHDRAWAL MADE BY EMPLOYEE BEFORE RETIREMENT

 A member can withdraw up to 90% of the amount of provident fund at credit after attaining the age
of 54 years or within one year before actual retirement whichever is later.
 Claim application in form 19 may be submitted to the concerned provident fund officer.
 On resignations.
 On retirement from the service on attaining the age of 58 year.
 On retirement on an account for permanent or total incapacity to work.
 Immediately before immigration from India for permanent settlement abroad or taking up
employment abroad.
 On termination due to voluntary retirement scheme, retrenchment, closure of establishment.
EPFIGMS is a customized portal of EPF0 with the aim to redress grievance for the service provided
by EPFO. Grievances can be loaded at any place & will land in concerned office to which the
grievances pertain. Grievances can be sent to head office at New Delhi or to the field offices now
across the country.
 Grievances can be lodged by PF members, EPS pensioner, Employer & Others.
 OTP Verification.
 Online lodging of compliant based on UAN.
 UAN integrated with master data base of EPFO results in identification of EPF Office for redress of
grievances.
 Grievances can be lodged for multiple PF no. available in UAN.
 PPO number validation with centralized data base of EPFO.
 Facility to send reminder for pending grievances.
 View current status of grievances.
 Facility to provide feedback on redress of grievances.
 Comprehensive categorization for identifying the grievances prone area.
 Facility to send reminder for pending grievances.
 Facility to upload more than one grievance documents.
 EPFIGMS is available in UMANG. Please lodge your grievances using UMANG mobile application
& select EPFO service.
EPFO is working hard to improve the service delivery.
WITHDRAWAL RELATED RULES OF EPF:
 Money from the EPF Account cannot be withdrawn during employment, unlike a bank in account.
EPF is a long-term retirement saving scheme. The money can be withdrawn only after retirement.
 Partial withdrawal from EPF fund is permitted in case of an emergency, house purchase or
construction, & higher education. Partial withdrawal is subject to limits depending on the reason. The
account holder can request online for partial withdrawal.
 Although the EPF corpus can be withdrawn only after retirement, early retirement is not considered
until person reaches 55 years of age. EPFO allows withdrawal of 90% of the EPF corpus 1 year
before retirement, provided the person is not less than 54 years.
 The EPF corpus can be withdrawn if a person faces unemployment in order to withdraw the EPF
amount.
 The EPF subscribers has to declare unemployment in order to withdraw the EPF amount.
 As per the new rule, the EPFO allows withdrawal of 75% of the EPF corpus after 1 year of
unemployment. The remaining 25% can be transferred to the new EPF account after gaining new
employment.
 As per the old rule, 100% EPF withdrawal is allowed after 2 months of employment.
 EPF corpus withdrawal is exempted from tax but under certain conditions. Tax exemptions on EPF
corpus is permitted only if an employee contributes to EPF account for continuous 5 years. In that
case, the entire EPF amount will be considered as taxable income for that financial year.
 Tax is deducted at source on premature withdrawal of the EPF corpus .However, if the entire amount
is less than 50,000 then TDS is not applicable. Keep in mind, if an employee provides PAN with the
applications, the application TDS rate is 10%. Otherwise, it is 30% plus tax.
 An employee does not have to await approval from employer for EPF withdrawal anymore. It can be
done directly from the EPFO, provided the employee’s UAN & Aadhaar are linked, & the employer
has approved it. EPF withdrawal status can be checked online.
Eligibility Withdrawal
REASON
Housing loan for construction Minimum 60 months of Up to 36 months of his basic

or addition of house/ services. DA / the total employee &
purchase of site / flat employer shares with interest/
the total cost of house.
Marriage of self / daughter / Minimum 84 months of Up to 50% from the EPF
son / sister / brother or for service. account.
post matriculation education
of children.
One year before retirement Should be above 54 years. Up to 90% of his EPF
account.
Medical experience/ Natural No minimum service tenure Up to 6 months of his basic &
Calamity / purchase of DA / the entire contribution
equipment by physically
Handicapped/closure of
factory/ cut in electricity in
establishment.
INCOME TAX ON WITHDRAWAL OF EPF FUND :
WITHDRAWAL OF EPF IS TAXABLE WHEN :
 EPF IS WITHDRAWN BEFORE 5 YEARS OF CONTINUOUS SERVICE : If an employee

withdraws from EPF before completing 5 years of service, the TDS is deducted. If the amount is less
than 50,000, no TDS is deducted, however, if the individual falls under the tax bracket, he or she to
transfer such EPF withdrawal is in return of income. If the amount is more than 50,000, 10% TDS is
deducted if PAN is not furnished. No TDS is deducted if form 15H & 15G are furnished and the
same rules of offering the amount in the income tax returns are applicable.
 WHEN EPF IS UNRECOGNIZED : An EPF which is not approved by commissioner of Income Tax
id considered an unrecognized provident fund. If your EPF is recognized by an authority other than
the commissioner of income tax, like if you are a member of URPF, your withdrawals are taxed,
even after completing 5 years of continuous service.
WITHDRAWAL OF INCOME TAX IS NOT TAXABLE WHEN :
 ON COMPLETION OF 5 YEARS OF CONTINUOUS SERVICE : For EPF recognized by the
commissioner of Income Tax, EPF withdrawal are exempted from TDS if the individual has
completed 5 years of service. I calculation of 5 years of continuous service, the tenure with the
previous employer is also included, in case your EPF balance from the old employer is transferred to
new one. Furthermore, such withdrawals will be excluded from the computation of the total income,
thus exempt from income tax.
 ON TERMINATION BEYOND THE CONTROL OF EMPLOYEES : If the service of an
individuals is terminated due to the employees ill health, or by contraction or discontinuous of the
employers’ business or any other cause beyond the control of the employee’s, then EPF withdrawals
are exempted from TDS & excluded from total income.
 ON TRANSFER OF PF : If the funds accumulated in PF are transferred from one account to another
recognized provident fund upon a change of job, then such transfer is exempt from TDS & not
included in computation of total income.
PROBLEMS OF EMPLOYEES IN EPF :
This is mostly seen that most of the employee & workers are not properly aware about how to maintain his
or her UAN & PF Account. Also, they are operating this casually not understand the importance of its. But
when they very need of it found them helpless & in very problematic situations.
Some of the basic & common problems mentioned below they face :
 Do not know his or her UAN Number.

 Don’t know how to use UAN Portal & how to active UAN.
 What to do if 2 UAN generated wrongly by employer how to merge inti one UAN number.
 How to see passbook of their PF Balance.
 How to merge or transfer all previous companies PF into one company.
 Companies left & shut down not able to contact to employer in that situation how to know their UAN
number.
 How to generate UAN number
 Employee cannot withdraw or transfer his PF Account amount due to his data mismatch as per
records.
 How to correct wrong details in UAN like date of birth, his name, father name, etc.
CHAPTER 2.REVIEW OF LITERATURE :

This chapter literature review focuses on the work already done by many researchers on EPFO
challenges which can be used as a tool. Thus, it provides a theoretical framework based on which new
model & concept can be created.
1. Social security agreement

VEENA GOPALKRISHNAN & VIKRAM SHROFF, SEPTEMBER 2020 (Shroff, 2020) : While
structuring for international assignment for employees , social security is considered as the prime
factor especially in countries withdrawal registration. Social security Agreement is executed between
various countries.
Social security legislation in India originates from directive principle of state policy which are not
directly enforceable in court of law. Some of the key social security in India with respect to
employees are Employees Provident Fund & Miscellaneous Provisions Act, 1956, Employees
compensation Act, 1923, Maternity Benefit Act, 1961 & Payment of Gratuity Act.
Social security agreement was maintained with various countries viz. Belgium, Germany,
Switzerland , France ,etc. during 2009 to 2011 in order to benefit to Indian employee especially
abroad.
2. Status of social security & social protection floors in India.

Age well Foundation, March 2019 (foundation, 2019) : Due to over increasing population & fast
changing socioeconomic & demographic scenario, government has prioritized old age-related issues
in its social security. Various social security schemes include health insurance, disability benefit,
maternity benefit, etc.
The Rashtriya Vayoshi Yojana by Ministry of social justice & empowerment as well as Varishtha
Pension Bima Yojana by Ministry of finance proved to be very beneficial fir old age people
suffering from low vision, loss of teeth, etc.
Rashtriya Swastha Bima Yojana introduced for unorganised sector could cover only 20% of
population. Life Insurance Scheme is a contributory pension scheme for unorganised sector worker
introduced by government in 2005. Skill development Training was proved to be an essential tool for
overcoming loneliness & insecurity among old age people.
3EMPLOYEES PROVIDENT FUND : EMPOWERING MEMBERS BY DGITAL TRANSFORMATION :
RAVICHANDRAN NARASIMHAN, JOY P. VAZHAYIL, SUNDARA VALKI

NARAYANASWAMI, 10 JUNE, 2018 (Ravichandran narasimhan, 2018) : This research paper focuses on
working of EPFO and a need for digitalized EPFO.EPFO requires various paper work making it complex to
work which is further simplified & replaced by online system. The purpose of reading this paper is to know
the transformation of EPFO from a bureaucratic , opaque organization to a customer centric, stake holder
friendly, transparent & accountable organization.
The result would be burden of the employer can be minimized. By getting UAN, EPF Accounts can be
accessed from anywhere & employee can continue with same account number with another employer even
at different location. The EPFO account is associated with employees irrespective of his employment &
location of organization.Changes that are brought in the EPFO are a combination of creativity, committed
leadership, & leveraging information technology. Although the transformation is nearly complete. EPFO has
to pay attention to sustain these changes towards customer centricity by simplified processes & deployment
of information technology.
4. EASE OF DOING BUSINESS IN DIGITAL TOOL :
DECEMBER 31, 2019 (Bhaskar Chakravorti, 2019) : The aim of this research paper “EASE OF
DOING BUSINESS THROUGH DIGITAL TOOL 2020” is to improve ease of living for worker’s
& for employers’. Steps to generate Universal Account Number & having valid KYC documents are
explained. The inspection would be done online.
EPS is another initiative for pensioner's. EPFIGM launched by EPFO is one of the government
initiatives to solve grievance in a faster way. All these small steps made the working of EPFO for the
employees easy.
The retirement fund body also decides to withhold any further investment in private sector
companies bonds & to compulsorily consider any of the two required ratings from CARE, CRISIL,
etc.
5. understanding inflation in India
(laurence ball, 2017) DECEMBER 2017 : This paper examines the behaviour of quarterly Inflation in India
since 199. After inflation rate rose in early 2010 & fall in 2015, there is a debate whether inflation would
endure or rise again.
A central bank can guide Inflation to a desired level, but if inflation starts above level, it is costly to
reduce it & it can also be costly to offset supply shocks & prevent them from rising inflation.
In these economies in the 2000s, a commitment to an inflation target has ked to an anchoring of
inflation expectations, which makes it easier for central bank to maintain stable inflation with less
cost to output stability. In contrast, we examine inflation in India in recent years. Time will tell
whether Inflation rate will change or remain stable.
6.A study on Inflation:

(VP, 2021), 2021 : This research paper explain how inflation rates can bring about changes in the
economic growth of the country. Various terms viz. Deflation, Reflation, Hyperinflation, etc.
studied. The negative impact of inflation is increase in opportunity cost of holding money,
uncertainty over future inflation, etc. while reduce in unemployment encouraging loans &
investment instead of money hoarding & avoiding the inefficiency associated with deflation.
The practice of making profits frim an increase in seigniorage is explained which would increase
money supply but the relative value of each coin would be lowered resulting in more exchanges by
customer for the goods & service. Keynesians view on inflation is studied. While triangle model is
given by Robert . J . Gorder which includes demand-pull inflation, built-in-inflation & demand-pull
theory.
A variety of other methods & policies are used to control inflation. Some of the effects of inflation
are effects on progress, effects on earning & employment, effects on allocation of income & wealth,
effects on government investments & effects on production.
7.A conceptual research paper on tax compliance & its relationship :
(ASELA GAMINI BANDARA), SEPTEMBER 2019 : The purpose of this review literature paper is
to elaborate on the different views held by various scholars in tax compliance & its relationship with
other variables such as tax rate, tax information, tax payers attitude, legal framework & cost of tax
compliance.
Various theories explained by various researchers are planned behaviour, fiscal exchanges theory,
Allingham & sandmo theory, economic deterrence theory & theory of crime. Under this theories,
factors influencing tax payers behaviour is studied.
The conceptual ideas brought from this review paper will set a new directions for future research that
will help to understand the significance of this conceptual planning ideas. If it makes sense in future
studies, then these studies, then these concepts will supply to different particular situation globally.
8. Indian tax structure :
(Alagappan, 2019)Dr. S.M.Alagappan, June, 2019 : The importance on payment on tax is focused. The
present paper is an attempt to study the tax structure in India & recent reforms undertaken taxes are the
largest source of income for government. It is also important for the economic development of the country.
The tax structure in India is divided into direct & In direct taxes which is briefly explained. Various direct
taxes prevailing in India is mentioned.
An introduction to Goods & service Tax is given. Difference between direct & Indirect Taxes are
explained. Through the study, it can said that there is more amount of revenue received from Indirect
tax than direct taxes.
Finally it us concluded that the tax system in India are unplanned & unorganized. Steps must be
taken to curb tax evasion & tax avoidance. Indian’s new Goods & service tax makes a significant
steps towards achieving country’s long held goal of economic liberation.
9. Planning towards a successful retirement : Issues & opportunities.
(HAFIS BELLO, 2019) AUGUST 2019: This paper focuses on need to plan retirement saving plan.
This paper examines the issues relating to retirement plan & suggest practical steps that could help
workers in different stages of life to make good plans ahead of their retirement. Happy retirement is
the wish of many individuals but its attainment required more than a mere wish. Islamic thoughts on
old age indicates different stages of human being grow from a baby that requires full support, then
an adult with strength & back to being a baby. A small story is narrated that explains changing
nature of human beings.
In this paper, retirement savings in nigeria is studied where it is mandatory to have an operational
retirement savings account to ensure that upon retirement on loss of employment , employees under
the schemes would have access to some income through this options. Different factors such as
planning & financial literacy , self-control & self-discipline are considered towards retirement. The
retirement age for many is 60 years or 35 years of service whichever is less.
This paper also discussed investment plans that are commonly used to ensure a retiree has a constant
source of income after being in active service.
10. A study on awareness of retirement planning in India.
(Patel, 2021), MARCH 2021 : This study intends to know the awareness of retirement planning
among the individual. The objective of this paper is to understand the literacy level & the factors
affecting the planning of individuals. Retirement planning includes identifying source’s, investing in
plans, managing risk, etc.
A study found that 76% of working age people in India except a comfortable retired life, but only
33% save money for the same. Many individuals are not aware about financial schemes for
retirement. Those who are aware, are confused about their investment in market. There must be a
clear idea on individuals mind at what age to get retirement. A study shows that less income, family
expense, other loans, etc. are some factors affecting individuals savings.
The study reveals that awareness of retirement planning is mostly found in males than females &
Investment in equity & government securities are least preferred investment plans according to the
study.
11.Employment after retirement : A review & framework for future study .
(SHERRY E. SULLIVAN, 2019), JANUARY 2019: Using construct as an organising framework,

this review examines post retirement employment in light of the 5 key dimensions of employability
career motivation, human capital, social capital, identity & personality. Major reasons to research on
postretirement benefit is explained. Various dimensions of employability are explained.
Given increasing, healthier life spans coupled with changes in pension system, individuals may live
25 years or more after they retire. Many organizations concerned about predicted labour shortage are
proactively taking steps to encourage retirees in re-entering the labour force. Although research on
retirement employment has grown over the last decade, there is still much to learn about career
transitions of retirement to re-employment.
The purpose of this article was to review the quantitative & qualitative research on post retirement
work engagement & establish an agenda for future research.
12. Corporate post-retirement benefits plans & leverage.
(BARTRAM, 2019), DECEMBER 2019 : This paper shows that defined benefit pension & health
care plans are important for firm leverage around the world. The most important driver for
substitution rate between retirement debt & post retirement obligations is rule of law, followed by
labour market freedom & taxes. The reason for studying the effect of post retirement plans is
explained in detailed. Various postretirement benefit plans as well as additional benefit are
mentioned. The positive effects of post retirement us explained.
The importance of retirement benefit plans & role of tax fir the same us used. This paper is the first
international study if occupational defined benefit plans. Contribution to defined benefit plans is
sizable & provide plan sponsor with significant tax shield benefit that are large as third of the tax
shield offered by interest expense.
After the full-time jobs , individuals think for full time pleasures. As the individual turns 60 years of
age, they face various health related issues. The various health related schemes & retirement scheme
can be proved as a relief to some extent. Enough literature among individuals is necessary for the
same.
13. A study on disclosure on risk management of life insurance companies in India :

(B.R.HARIHARAN, 2019), JANUARY 2017 : The study attempts to find out different reporting
practices used by India. Life Insurance companies for risk management & risk governance in their
annual reports. The study showed the wide variation in the content although each company followed
the same guidelines by Insurance Regulatory & Development A. Risk management has become very
essential now. Rules for listed companies was given by New York Stock Exchange in 2002.
Financial crisis arose due to lack of risk management. Rules were skipped by many managers.
The company must inform the stakeholders about the same as they are the owners of the company &
have have invested in it. The risk management function should be organized in such a way that it is
able to monitor all risk across various lines of business & that this function should come under the
supervision of Chief risk officer with the clearly defined rule of IRDA of India in 2009.
Risk profiling must be done in order to enable identification & measurement of significant risk to
which company is exposed to, so that effective risk management system can be created.
14. A study on risk management tools & techniques in life insurance industry by India.
(TRIVEDI, 2019), DECEMBER 2017: Number of life insurance company, their growth rate &
contribution to to GDP is explained. It focuses upon the changing dynamic of the insurance industry
& suggestive risk management framework & practices. The development in Life Insurance is
increased due to online insurance product , stake holding by foreign companies, APY Yojana , etc.
Various reasons & their effects are explained in detail. Government Initiative for the same is
explained. List if life insurance company registered by IRDA is mentioned.
Insurance risk , credit risk, environment risk, etc. Under the risk profile of insurance companies is
covered steps in risk management process & risk identification methods are given. Various types
such as systematic & unsystematic risk & methods to control them are explained in detail.
This study basically explains what life insurance is & its importance. It also focuses on the risk
identification & management tool for the same such as elementary risk audit , safety related audit,
risk-based audit, etc.
15. Research on the problem of universal accessibility in urban public transport.
(MONTANA TIMENEZ ESPADA), JULY 2021 : The research proposed in this article aims to
examine the situation of public transport in villages in accordance with the criteria required by
current legislation on universal accessibility. Brief introduction about the village is given.
Accessibility problem in urban areas is mentioned. The major one us lack of parking area available.
The aim proposed un this article is to improve universal accessibility at regular public transport bus
stops. First approach has been made to regular the urban passengers. It is found that 42 % if bus
stops have problem from people with reduced mobility.
After carefully assessing the problem of network if public transport, it can be concluded that many
of them are the result of lack of effective co-ordination between municipal coordination &
development planning which doesn’t facilitate provision of an adequate service to citizen.
16. Options & challenges in providing universal access.
(TARED BIELY, 2018), APRIL 2018 :
Today’s usage of Internet is increasing & achieving universal access is still challenging. The 5 major
challenges focused are infrastructure, cost, literacy, location & disinterest. This paper examines
challenges & propose solutions to achieve goals of universal Internet access & use. The role of
Internet provides great advantages in the field of education, health, economy, etc. Internet require
electricity & many areas still are facing problems due to unavailability of electricity.
Internet requires Infrastructure which is a financial challenge. To solve this problem, ICT
researchers proposed concepts of virtual networks. Income seems to be another problem which can
be solved by alternatives such as Information centric network for digital literacy , various NGOS are
providing training & cell phones spurred interest & therefore is a stepping stone to development of
full adult literacy.
There are various advantages of universal Internet connectivity & achieving the same would provide
new opportunity. Basic focus is on the problems & providing solutions to it.
17. India pension system
This paper reviews the current status of Indian pension system. The structure & formation of pension
system is explained. Challenges faced by it & particular solution for the same is discussed. The
current pension scheme is heavily regulated by government agencies. The conservative regulator
environment, leading to lack of transparency & public accountability , characterizes the present
system. Recent trends & reforms in the system are discussed.
The major problem in confronting the pension system is demographic aging, changing social mores,
skewed coverage, equity benefits, pressure on public finance , now returns from provident fund &
underdeveloped private annuity market.
The benefit of such a pension regime is also likely to foster aggregate rate of savings & accelerate
capital market development.
18. Pension ageing & social security research : literature review & global trend.
(Fahim Ul Amin, 2021), DECEMBER 2021 :
This research has made it possible to demonstrate how a topical issue, such as pension can be
analysed from a wide of perspective through the use of appropriate bibliometric tools. The article
contributes to the theoretical development of pension research by enabling researchers to identify the
main research topics & future lines if research on which they can focus their research.
Identifying the current trends & which topics are no longer interest to researchers will make finding
new niches for pension research easier. The research provides an overall pictures of evolution of
researchers concerns about pension since 1936.
The research is not without limitation, which could be future line of research. On the other hand, the
research could be carried out only with the Scopus database, future research could be extended to
database such as Google Scholar
CHAPTER 3.METHODOLOGY :
Methodology refers to overarching strategy & rationale of your research paper. It involves studying the
methods used in your field and the theories & principles behind them, in order
to develop an approach that matches the research objectives.
 QUANTITATIVE METHOD :
It focuses on exploring ideas and formulating a theory or hypothesis. Analysed by summarizing
, categorizing & interpreting. Mainly expressed in words. Requires few respondents. Open
ended questions. Key terms : understanding, context, complexity, subjectivity .Use of
quantitative research is done if one wants to confirm or test something. ( a theory or
hypothesis).Survey, Experiments & Observation are the methods used in Quantitative data
collection methods. Out of these, survey method has been done.
SURVEY :
9 variables were taken as per topic with the help of each variable , 2 questions were made .
Survey is the list of closed or multiple-choice question that is distributed to sample ( online, in
person or over the phone ) 18 questions were converted into google form which was circulated
to get the responses. Likert scale is a five-point scale which is used to allow individual to
express how much they agree or disagree with a particular statement. Information collected
were used for data collection for research.
DISCRIPTIVE METHOD:
Descriptive research is a quantitative research method that attempts to collect quantifiable

information for statistical analysis of the population sample. It is a popular market research tool that allows
us to collect and describe the demographic segment nature.
The data collected from survey method is converted into table format by using data tool analysis. The ranges
from highest to lowest has been given through different colours.
CORRELATION BETWEEN VARIABLE BETWEEN TWO VARIABLES:
Correlation design research investigates relationship between two variables without

researcher manipulating and controlling any of them. The correlation reflects the strength or the direction of
the relationship between two or more variable. The direction of the correlation can be positive or negative.
ANOVA:
Analysis of variance or ANOVA is a statistical method that separates observed variance

data into different components to use for additional test. A one-way ANOVA is used for three or more
groups of data, to gain information about the relationship between the dependent and independent variables.
Three dependent variables are taken and each variable are taken into consideration for each independent
variable. Similarly, 27 ANOVA has been collected and hypothesis are analysed for the same.
Primary data :
Primary data refers to the first-hand data gathered by the researcher himself. It is called as Real time data
and is expensive to collect. It takes long time. It is easy source Surveys, observations, experiments,
questionnaire, personal interview, etc.
Secondary data :
Secondary data means data collected by someone else earlier. It is Past data . It contains Government
publications, websites, books, journal articles, internal records etc. It is economical and take long time.
Research Design :
This research is descriptive and empirical in nature and it takes into account both demographic and social
economic factors for collecting the primary data through questionnaire.
 Sample unit :
The most important factor while collecting the data is sample unit . i.e. the target population to be
sampled. For this study, the sample unit was the government employees.
 Sample size :
The sample size influences the power of the study to draw conclusion. The sample size of the study
is above 30.
 Sampling technique :
Convenience sampling or non-probability sampling technique was used to select the sample, this
sample obtains a sample of convenient element.
HYPOTHESIS :
 A hypothesis is an assumption that is made based on some evidence.

 This is the initial point of any investigation that translates the research questions into predictions.
 It includes components like variables, population & the relation between variables.
1. Age of the respondent has no influence on social security.

2. Age of the respondent has influence on social security.
3. Age of the respondent has influence on digitalized EPFO
4. Age of the respondent has no influence on digitalized EPFO.
5. Age of the respondent has influence on current income.
6.Age of the respondent has no influence on current income
7. Age of the respondent has no influence on inflation.
8. Age of the respondent has influence on inflation.
9. Age of the respondent has no influence on
Pension benefit after 54 years.
10. Age of the respondent has influence on
Employees contribution.
Universal account.
Universal account.
15. Age of the respondent has no influence on registration process.
16.Age of the respondent has influence on registration process.
17. Age of the respondent has no influence on pension benefit when actively working.
18. Age of the respondent has influence on pension benefit when actively working.
19. Gender of the respondent has no influence on social security.
2. Gender of the respondent has influence on social security.
3. Gender of the respondent has influence on digitalized EPFO
4. Gender of the respondent has no influence on digitalized EPFO.
5.Gender of the respondent has influence on current income.
6. Gender of the respondent has no influence on current income
7. Gender of the respondent has no influence on inflation.
8. Gender of the respondent has influence on inflation.
9. Gender of the respondent has no influence on
10. Gender of the respondent has influence on
11. Gender of the respondent has no influence on Employees contribution.
13. Gender of the respondent has no influence on Universal account.
Universal account.
15. Gender of the respondent has no influence on registration process.
16.Gender of the respondent has influence on registration process.
17. Gender of the respondent has no influence on pension benefit when actively working.
18. Gender of the respondent has influence on pension benefit when actively working.
19. Gender of the respondent has no influence on social security.
20. Profession of the respondent has influence on social security.
21. Profession of the respondent has influence on digitalized EPFO
22. Profession of the respondent has no influence on digitalized EPFO.
23. Profession of the respondent has influence on current income.
24.Profession of the respondent has no influence on current income
25. Profession of the respondent has no influence on inflation.
26. Profession of the respondent has influence on inflation.
27. Pension of the respondent has no influence on Pension benefit after 54 years.
28. Profession of the respondent has influence on Pension benefit after 54 years.
29. Profession of the respondent has no influence on Employees contribution.
30. Profession of the respondent has influence on Employees contribution.
31. Profession of the respondent has no influence on Universal account.
32. Profession of the respondent has influence on Universal account.
33. Profession of the respondent has no influence on registration process.
34.Profession of the respondent has influence on registration process.
35. Profession of the respondent has no influence on pension benefit when actively working.
36. Profession of the respondent has influence on pension benefit when actively working.
CHAPTER 4 : DATA ANALYSIS, INTERPRETATION AND PRESENTATION
ANOVA single factor :
The technique of analysis of variance is an extension of the test used to test the equality of several means. In
this section results are presented in suitable hypothesis with relevant interpretations of analysis with relevant
interpretation of analysis of variance performed between the different persona classifications viz. gender ,
age , qualification & experience of respondent on the following aspect.
The following table depicts the ova of V1 with respect to the influence of age of the respondent.
Age V01 ANOVA Analysis
SUMMARY
Groups Count Sum Average Variance
Column 1 26 48 1.846154 1.975385
Column 2 24 96 4 0.521739
HO: Age of the respondent have no influence on social security of EPF
H1 : Age of the respondent has influence on social security of EPF.
ANOVA
Source of Variation SS do MS F P-value F crit
1.92E-
Between Groups 57.89538 1 57.89538 45.27158 08 4.042652
Within Groups 61.38462 48 1.278846
Total 119.28 49
Reject the null hypothesis
Source: Primary Data
From the above table, we found that the P value calculated is less than 0.05. Hence, we reject the null
Hypothesis and accept the alternate hypothesis. It is concluded that the age of the respondents has a
significant influence on social security of EPF.
The following table depicts the ova of V2 with respect to the influence of age of the respondent
Figure 1Age VO2 ANOVA Analysis
AVOVA: Single Factor
SUMMARY
Column 1 26 48 1.846154 1.975385
Column 2 24 90 3.75 0.717391
HO: Age of the respondent ha no influence on digitalized EPFO.
H1:Age of the respondent has influence on digitalized EPFO.
ANOVA
Source of P-
Variation SS df MS F value F crit
6.23E-
Between Groups 45.23538 1 45.23538 32.95608 07 4.042652
Within Groups 65.88462 48 1.372596
Total 111.12 49
From the above table, we found that the P value calculated is less than 0.05. Hence we reject the null
significant influence on Digitalized EPFO.
The following table depicts the Anova of V3 with respect to the influence of age of the respondent
Anova: Single Factor
SUMMARY
Column 1 26 48 1.846154 1.975385
Column 2 26 103 3.961538 0.358462
HO: Age of the respondent has no influence on
current income
H1: Age of the respondent has influence on current
income
ANOVA
P-
Source of Variation SS do MS F value F crit
4.82E-
Between Groups 58.17308 1 58.17308 49.85168 09 4.03431
Within Groups 58.34615 50 1.166923
Total 116.5192 51
Source : Primary Data
significant influence on Current income.
SUMMARY
Column 1 26 48 1.846154 1.975385
Column 2 26 109 4.192308 0.481538
HO: Age of the respondent has no influence on inflation
H1:Age of the respondent has influence on inflation.
ANOVA
Source of
Variation SS df MS F P-value F crit
6.19E-
Between Groups 71.55769 1 71.55769 58.24984 10 4.03431
Within Groups 61.42308 50 1.228462
Total 132.9808 51
significant influence on Inflation
SUMMARY
Column 1 26 48 1.846154 1.975385
Column 2 25 95 3.8 0.75
HO: Age of the respondent has no influence on employees contribution
H1: Age of the respondent has influence on employees contribution
ANOVA
Source of Variation SS df MS F P-value F crit
2.81E-
Between Groups 48.6546 1 48.6546 35.38011 07 4.038393
Within Groups 67.38462 49 1.375196
Total 116.0392 50
The following table depicts the Anova of V6 with respect to the influence of age of the respondent.
Figure 5Age V06 ANOVA Analysis

SUMMARY
Su
Groups Count m Average Variance
1.84615 1.97538
Column 1 26 48 4 5
4.15384 0.45538
Column 2 26 108 6 5
withdrawal after 54 years
H1:Age of the respondent has influence on
ANOVA
P-
Source of Variation SS df MS F value F crit
69.2307 69.2307 56.9620 8.39E 4.0343
Between Groups 7 1 7 3 -10 1
60.7692 1.21538
Within Groups 3 50 5
Total 130 51
significant influence on withdrawal after 54 years
SUMMARY
Su
1.84615 1.97538
Column 1 26 48 4 5
4.26923 0.52461
Column 2 26 111 1 5
universal account no.
H1:Age of the respondent has influence on universal account no.
ANOVA
P-
76.3269 76.3269 61.0615 3.23E 4.0343
Within Groups 62.5 50 1.25
138.826
Total 9 51
significant influence on universal account no.
SUMMARY
Su
1.84615 1.97538
Column 1 26 48 4 5
3.84615 0.61538
Column 2 26 100 4 5
H0: Age of the respondent has no influence on
pension benefit while working
H1:Age of the respondent has influence on pension benefit while working
ANOVA
P-
40.1425 6.56E 4.0343
64.7692 1.29538
116.769
Total 2 51
significant influence on pension benefit while actively working.
SUMMARY
Su
1.84615 1.97538
Column 1 26 48 4 5
3.65384 0.31538
Column 2 26 95 6 5
registration process
H1: Age of the respondent influence has influence on
registration process
ANOVA
P-
42.4807 42.4807 37.0886 1.59E 4.0343
57.2692 1.14538
Total 99.75 51
Reject the null Hypothesis
Source: primary data
significant influence on registration process.
The following table depicts the Anova of V1 with respect to the influence of gender of the respondent
Figure 9Gender V01 ANOVA Analysis
SUMMARY
p2 32 54 1.6875 0.221774
v1 31 126 4.064516 0.529032
HO: Gender of the respondent has no influence on social security
H1: Gender of the respondent has influence on social security
ANOVA
S0URCE OF VARIATION SS df MS F P-value F crit
9.41E-
Between Groups 88.96832 1 88.96832 238.5947 23 3.998494
Within Groups 22.74597 61 0.372885
Total 111.7143 62
Hypothesis and accept the alternate hypothesis. It is concluded that the gender of the respondents has
a significant influence on social security.
SUMMARY
p2 32 54 1.6875 0.221774
v2 30 113 3.766667 0.736782
HO: Gender of the respond has no influence on digitalization
H1: Gender of the respondent has no influence on digitalization
ANOVA
Between Groups 66.93575 1 66.93575 142.2064 1.8E-17 4.001191
Within Groups 28.24167 60 0.470694
Total 95.17742 61

a significant influence on digitalized EPFO.
SUMMARY
p2 32 54 1.6875 0.221774
v3 32 127 3.96875 0.418347
HO: Gender of the respondent has no influence on current income
H1: Gender of the respondent has influence on current income
ANOVA
7.29E-
Between Groups 83.26563 1 83.26563 260.1559 24 3.995887
Within Groups 19.84375 62 0.32006
Total 103.1094 63
a significant influence on current income.
SUMMARY
Column 1 32 54 1.6875 0.221774
Column 2 32 135 4.21875 0.434476
HO: Gender of the respondent has no influence on inflation
H1: Age of the respondent has influence on inflation
ANOVA
Source of P-
6.79E-
Between Groups 102.5156 1 102.5156 312.4286 26 3.995887
Within Groups 20.34375 62 0.328125
Total 122.8594 63
a significant influence on inflation.
SUMMARY
Su
0.22177
Column 1 32 54 1.6875 4
0.67311
Column 2 31 119 3.83871 8
HO: Gender of the respondent has no influence on
employees contribution
H1: Gender of the respondent has no influence on employs contribution
ANOVA
P-
72.8679 72.8679 164.210 5.92E 3.99849
27.0685 0.44374
99.9365
Total 1 62
a significant influence on employees contribution.
Figure 14 Gender V06 ANOVA Analysis
SUMMARY
Su
0.22177
Column 1 32 54 1.6875 4
0.47479
Column 2 32 131 4.09375 8
HO: Gender of the employees has no influence on
H1: Gender of the employees has no influence on withdrawal after 54 years
ANOVA
P-
92.6406 92.6406 265.989 4.17E 3.99588
21.5937 0.34828
114.234
Total 4 63
a significant influence on withdrawal after 54 years.
Figure 15 Gender V07 ANOVA Analysis

SUMMARY
Column 1 32 54 1.6875 0.221774
Column 2 32 136 4.25 0.516129
HO: Gender of the employees haws no influence on universal account no.
H1: Gender of the respondent has influence on universal account no.
ANOVA
Source of Variation SS df MS F P-value
7.39E-
Between Groups 105.0625 1 105.0625 284.7596 25
Within Groups 22.875 62 0.368952
Total 127.9375 63
a significant influence on universal account no.
SUMMARY
Su
0.22177
Column 1 32 54 1.6875 4
0.60383
Column 2 32 125 3.90625 1
HO: Gender of the employees has no influence on
pension benefit when actively working
H1: Gender of the respondent has no influence on pension benefit when actively working
ANOVA
P-
78.765 78.7656 190.807 1.38E 3.99588
25.593 0.41280
104.35
Total 9 63
a significant influence on pension benefit while actively working.
SUMMARY
Column 1 32 54 1.6875 0.221774
Column 2 32 123 3.84375 0.458669
HO: Gender of the respondent has no influence on registration process
H1: Gender of the respondent has influence on registration process
ANOVA
Source of P-
5.34E-
Between Groups 74.39063 1 74.39063 218.6533 22 3.995887
Within Groups 21.09375 62 0.340222
Total 95.48438 63
a significant influence registration process.
The following table depicts the Anova of V1 with respect to the influence of profession of the
respondent
Figure 18Profession V01 ANOVA Analysis
Anova: Single
Factor
SUMMARY
p3 32 74 2.3125 0.608871
v1 31 126 4.064516 0.529032
HO: Profession of the gender has no influence on social security
H1: Profession of the gender has influence on social security
ANOVA
3.74E-
Between Groups 48.3334 1 48.3334 84.85408 13 3.998494
Within Groups 34.74597 61 0.569606
Total 83.07937 62
Hypothesis and accept the alternate hypothesis. It is concluded that the profession of the respondents
has a significant influence social security.
respondent
SUMMARY
p3 32 74 2.3125 0.608871
v2 30 113 3.766667 0.736782
HO: Profession of the gender has no influence on digitalization
H1: Profession of the respondent has influence on digitalization
ANOVA
2.63E-
Between Groups 32.7422 1 32.7422 48.81836 09 4.001191
Within Groups 40.24167 60 0.670694
Total 72.98387 61
has a significant influence digitalized EPFO.
respondent
SUMMARY
Column 1 31 71 2.290323 0.612903
Column 2 31 131 4.225806 0.447312
HO: Profession of the respondent no influence on current income
H1: Profession of the respondent has influence on current income
ANOVA
3.71E-
Between Groups 58.06452 1 58.06452 109.5335 15 4.001191
Within Groups 31.80645 60 0.530108
Total 89.87097 61
has a significant influence current income.
respondent
SUMMARY
Su
2.29032 0.61290
Column 1 31 71 3 3
3.83333 0.69540
Column 2 30 115 3 2
HO : Profession of the respondent has no influence
on inflation
H1: Profession of the response has influence on
inflation
ANOVA
P-
4.62E 4.00398
Between Groups 36.2987 1 36.2987 55.549 -10 3
38.5537 0.65345
74.8524
Total 6 60
has a significant influence on inflation.
respondent
Figure 22 Profession V05 ANOVA Analysis
SUMMARY
Column 1 31 71 2.290323 0.612903
Column 2 31 128 4.129032 0.449462
HO: Profession of the respondent has no influence on employees contribution
H1: Profession of the respondent has influence on employees contribution
ANOVA
Between Groups 52.40323 1 52.40323 98.65385 2.76E-14 4.001191
Within Groups 31.87097 60 0.531183
Total 84.27419 61
has a significant influence on employees contribution.
respondent
SUMMARY
Column 1 31 71 2.290323 0.612903
Column 2 31 132 4.258065 0.531183
HO: Profession of the respondent has no influence on withdrawal after 54 years
H1: Profession of the respondent has influence on withdrawal after 54 years
ANOVA
Between Groups 60.01613 1 60.01613 104.9154 8.55E-15 4.001191
Within Groups 34.32258 60 0.572043
Total 94.33871 61
has a significant influence on withdrawal after 54 years
respondent
SUMMARY
Column 1 31 71 2.290323 0.612903
Column 2 31 121 3.903226 0.623656
HO: Profession of the respondent has influence on universal account no.
H1: Profession of the respondent has influence on universal account no.
ANOVA
3.64E-
Between Groups 40.32258 1 40.32258 65.21739 11 4.001191
Within Groups 37.09677 60 0.61828
Total 77.41935 61
has a significant influence on universal account no.
respondent
SUMMARY
SuAvera Varia
Groups Count m ge nce
2.290 0.612
Column 1 31 71 323 903
11 3.838 0.473
Column 2 31 9 71 118
HO: Profession of the respondent has influence on pension benefit when actively working
H1: Profession of the respondent has influence on pension
benefit when actively working
ANOVA
P-
37.16 37.16 68.43 1.68E 4.001
Between Groups 129 1 129 564 -11 191
32.58 0.543
69.74
Total 194 61
has a significant influence pension benefit while actively working.
respondent
SUMMARY
Column 1 31 71 2.290323 0.612903
Column 2 31 116 3.741935 0.397849
HO: Profession of the respondent has no influence on registration process
H1:Profession of the respondent has influence on registration process
ANOVA
P-
4.2E-
Between Groups 32.66129 1 32.66129 64.62766 11 4.001191
Within Groups 30.32258 60 0.505376
Total 62.98387 61
has a significant influence 0n registration process.
DESCRIPTIVE ANALYSIS
Descriptive statistics is a means to describing features of a data set by generating summaries about data
samples. The following table depicts the summary of Descriptive statistics of studied variable
Column1 PQ1 PQ2 PQ3 V1 V2 V3 V4 V5 V6 V7 V8 V9

4.033 3.838
1.687 1.687 2.312 33333 4.093 3.968 4.218 70967 4.093 3.843 3.718
Mean 5 5 5 3 75 75 75 7 75 4.25 75 75
0.230 0.083 0.137 0.131 0.114 0.116 0.147 0.127 0.119 0.112
Standard 8709 24928 93918 16045 0.121 33869 52196 35498 0.121 00012 72225 1129
Error 84 6 1 6 80907 3 8 9 80907 7 1 09
Median 1 2 2.5 4 4 4 4 4 4 4 4 4
Mode 1 2 3 4 4 4 4 3 4 4 4 4
1.306 0.470 0.780 0.718 0.689 0.646 0.659 0.820 0.689 0.718 0.677 0.634
Standard 0035 92907 30184 39540 05615 79732 14778 43785 05615 42120 25132 2063
Deviation 07 5 4 2 7 1 8 8 7 8 3 87
1.705 0.221 0.608 0.516 0.474 0.418 0.434 0.474 0.516 0.458 0.402
Sample 6451 77419 87096 09195 79838 34677 47580 0.673 79838 12903 66935 2177
Variance 61 4 8 4 7 4 6 11828 7 2 5 42
- - - - - - - - - - -
2.081 1.368 1.045 0.953 0.767 0.416 0.625 1.438 0.767 0.906 0.705 0.556
7898 27586 66496 71550 80135 34197 24478 67339 80135 95043 37008 2883
Kurtosis 68 2 6 7 6 4 5 8 6 1 3 1
- - - - - - -
1.831 0.849 0.628 0.049 0.122 0.027 0.261 0.316 0.122 0.417 0.197 0.301
1507 38480 04699 60324 63305 56864 18235 22986 63305 58232 95595 1282
Skewness 96 4 1 6 5 4 7 6 5 7 7 25
Range 4 1 2 2 2 2 2 2 2 2 2 2
Minimum 1 1 1 3 3 3 3 3 3 3 3 3
Maximum 5 2 3 5 5 5 5 5 5 5 5 5
Sum 54 54 74 121 131 127 135 119 131 136 123 119
Count 32 32 32 30 32 32 32 31 32 32 32 32
Largest(1) 5 2 3 5 5 5 5 5 5 5 5 5
Smallest(1) 1 1 1 3 3 3 3 3 3 3 3 3
Confidenc
e 0.470 0.169 0.281 0.268 0.248 0.233 0.300 0.248 0.259 0.228
Level(95.0 8644 78803 32881 25325 43123 19530 0.237 93903 43123 01846 0.244 6557
%) 76 7 5 2 7 2 64812 6 7 7 17514 86
From the above table , we can conclude that :
1. The respondent has expressed their highest perception towards V6( Mean 4.093)
2. The respondent has registered highest standard deviation on V3 ( SD 0.780)
CORRELATION ANALYSIS
Correlation analysis in research is a statistical method used to measure the strength of the linear relationship
between two variables and compute their association . simply put correlation analysis calculates the level of
changes in one variable due to the change in the other. The interpretation is done using following size of
correlation.
Size of correlation Interpretation

.90 to 1.00 ( -.90 to -1.00 ) Very high positive ( negative ) correlation
.70 to .90 (-.70 to -.90 ) High positive ( negative ) correlation
.50 to .70 ( -.50 to -.70) Moderate positive ( negative ) correlation
.30 to 50 ( -.30 to -.50 ) Low positive (negative ) correlation
.00 to .30 ( .00 to -.30 Negligible correlation
The following table depicts the correlation between the studied variable.
V0
V01 V02 V03 V04 V05 VO6 VO7 V08 9
Inflation 1
0.85185
Social security 2 1
0.07417
Taxes 6 0.04606 1
- 0.02418 0.24354
Digitalized 0.01445 7 2 1
0.07153 0.02993 0.05182 0.25082
Risk coverage 8 7 9 8 1
0.13420 0.14330 0.29630 0.16646 0.37777
Universal excess 2 3 4 1 6 1
Postretirement - - 0.22139 0.34733 0.60276
benefit 0.01344 0.08997 0.36446 1 8 3 1
- 0.37907 0.23026 0.07210 0.31817 0.50560
Insurance benefit 0.12018 -0.09 4 8 5 3 3 1
- - - - 0.16183 0.20991 0.37169 0.27205
Pension benefit 0.13191 0.15456 0.02212 0.07958 5 5 6 2 1
From the above table , we can conclude that

1. The respondents contribution is highly positively correlated with the social security alternative
2. The respondents contribution is highly negatively correlated with postretirement benefit.
CHAPTER 5.CONCLUSION :
The research was based on various challenges faced by employees in KDMC area. The challenges were
focused on limited areas. Main 9 variables were social security , inflation , taxes , additional benefit ,
postretirement benefit, digitalized EPFO , insurance benefit, pension benefit and Risk coverage . These were
the sub problems faced upon which the major research is based. The main aim of the research is to
understand the problem of employees at various levels. At Individual level, social security has been
considered, while at national level, role of government has been taken into consideration. The role of
government in EPFO & creating awareness about this program. In chapter 1 ( Introduction ) all the basic
knowledge of Employees Provident Fund Organization were studied. The contribution of employers &
employees towards
Employees Provident Fund Organization were understood. The scope of the study is focused i.e. The
research is limited to KDMC area which is an also a limitation. The major behind the reason behind this
research i.e. the rationale is studied. To understand the problems or challenges of employees & to provide
appropriate solution to it was the primary objective. The rate of interest by both employee & employers were
studied. The age of retirement & when can an individual withdraw the fund ( various terms and conditions
were given ) & use if money at the time of emergency like daughter's marriage. The benefit that an
individual can have at the time of emergency & importance of having an EPFO. It is a retirement plan & also
a risk coverage for old age. It's not only financial security for individual but also family member. The study
is not only about disadvantages & disadvantages of EPFO but also vision & mission about understood. The
major difference between the provident fund & employees provident fund is understood.
Under chapter 2( Review of literature) , The research paper related to various variable mentioned above were
read. Total 18 ROL has been written . For each variable two paper is considered. After reading the Review
of Literature of various researcher, 3 short paragraphs have been written in our own word.
It basically contains our own thoughts embedded into small notes. Every research has certain objectives,
findings & limitations too which can be used as a tool for further research . It has been an important part of
research work as other researcher point of view is understood.
Under chapter 3 ( Research Methodology ) , the method uses to collect the data is specified. Under this ,
quantitative method is used. Survey method has been done. Questionnaire were made based on 9 variable
and converted into google form. It was filled by different age i.e. 20 to 30, 30 to 40, 40 to 50, 50 to 60 &
above. Another important dependent variable was profession I. Graduate, undergraduate & post graduate.
Last dependent variable was gender i.e. Male & female. Descriptive method aims to provide mean medium
mode standard deviation for collected data. It is done through data analysis tool in MS excel sheet.
Correlation between the collected variable were found. Anova method too was used and total 27 a nova was
analysed for the same data. It helps to find out the appropriate and significancy in data .Average score &
percentage method were used. Introduction , methodology & review of literatures contain 20 pages each of
research work.
Under chapter 4, data analysis, interpretation and presentation are done & accordingly conclusion and
bibliography is made. The data collection was hard to find because many do not want to share, they personal
details , many do not had time and many just filled for name sake.
CHAPTER 6: SUMMARY AND FINDINGS
Employees provident fund organization refers to an old age pension plan that is maintained in different
account as the individual starts working. It is a separate account by employee and employer in which
employee contribute 12% and employer contribute 5%. This amount is given to employee only after working
for certain years in a firm and maintaining reputation of the company. The main aim of EPFO is to is to
provide social security to individual at the time of emergency link daughters marriage or medical
emergency. The government’s role is taken into consideration in improving EPFO. There seems to be a huge
increase in contribution of EPFO due to its various advantages. Various problems of the EPFO is considered
and solutions are made for the same. Challenges during removal of fund is analysed. Various current crimes
and news related to it are studied. The retirement age is 54 years for withdrawal but also depends upon the
individuals choice. The advantages of the same are : like in current working years, the expenses are
minimized with the income earned, in old age the same is minimized with the help of pension.
One becomes financially independent and can stand on their own feet and also cope with increasing
inflation. One can fill up the promised dreams like sending students to abroad.
It also has various disadvantages like not getting withdrawal at only specific period. Employees Provident
Fund Organisation has a vision to reposition itself on itself as a world Class security organisation providing
world class security organisation providing world class service to: Reduce the time for settlement of claim
from 30 days at present to Provide hassle free service to the subscribers from EPFO offices. Ensure that all
cover establishment are complying with the requirement of the statement. Encourage and promote the
voluntary compliance. Monthly Updating of member account. On line access to member account. To be the
most caring superannuation fund in the region enabling our member to have contented retirement life. It has
mission too. To provide maximum retirement benefits and an efficient service to our members through
prudent and innovative management of the fund. To reach and quality publicly managed old aged income
security through consistent and ever improving standard to compliance and benefit delivery in a manner that
wins the approval and confidence of members in our methods, fairness , honesty and integrity
For ROL, various paper of researchers was taken & total 18 ROL were written of 9 variable each. The
variables considered are social security, inflation, taxes, government role, additional benefit, pension benefit,
old age benefit & current income. Each researcher has its point of view and gives findings for the same.
Various data analysis tools were considered as such as anova, correlation & descriptive. Anova has total of
27 tables. Data was also collected through primary and secondary data.
FINDINGS :
 It was analysed that the contribution in EPFO has been increased & is now digitalized which helps
to create better control over fund.
 For digitalization, the employees too must be educated enough to work with the system which also
must be environment friendly.
 Focus is on the area that not only individual but also the dependent should have the benefit on social
security.
 The inflation too has been a great challenge in EPFO. The members must get the interest rate
increase if the inflation rate in
CHAPTER 7. BIBLIOGRAPHY
(n.d.).
Alagappan, S. (2019, november). Indian Tax structure – An analytical perspective. Retrieved from Indian Tax structure
– An analytical perspective: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3467425
ASELA GAMINI BANDARA, W. (n.d.). A conceptual research on tax compliance and its relationship. Retrieved from A
conceptual research on tax compliance and its relationship:
https://ideas.repec.org/a/ibn/ijbmjn/v14y2021i10p134.html
B.R.HARIHARAN, S. V. (2019, January). A study on disclosure of risk management tool of life insurance in India.
Retrieved from A study on disclosure of risk management tool of life insurance in India:
researchgate.net/publication/312177131_A_Study_of_Disclosures_on_Risk_Management_of_Life_Insuranc
e_Companies_in_India
BARTRAM, S. M. (2019, June 26). Corporate post retirement benefit. Retrieved from Corporate post retirement
benefit: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2395842
Bhaskar Chakravorti, R. S. (2019, november). Ease of doing business through digital tool. Retrieved from Ease of
doing business through digital tool: https://sites.tufts.edu/digitalplanet/files/2020/03/Ease-of-Doing-Digital-
Business-2019_2020.pdf
Fahim Ul Amin, J. M. (2021, DECEMBER). pension ageing and siocial security reseach. Retrieved from pension ageing
and siocial security reseach:
https://www.researchgate.net/publication/357057142_Pensions_Ageing_and_Social_Security_Research_Lit
erature_Review_and_Global_Trend
foundation, A. (2019, march). status of social security and social protection floors in india. Retrieved from
https://www.agewellfoundation.org/?page_id=1162
HAFIS BELLO. (2019, Aug ). Planning towards a successful retirement. Retrieved from Planning towards a successful
retirement:
https://www.researchgate.net/publication/334193308_Planning_towards_a_successful_retirement_Issues_
and_Opportunities
laurence ball, p. m. (2017, december 31). Understanding Inflation in India. Retrieved from Understanding Inflation in
India: https://www.nber.org/system/files/working_papers/w22948/w22948.pdf
MONTANA TIMENEZ ESPADA, R. G. (n.d.). A research on the problem of universal accessibility in india. Retrieved from
A research on the problem of universal accessibility in india.
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awareness on retirement planning in India: https://www.ijcrt.org/papers/IJCRT2103243.pdf
Ravichandran narasimhan, j. p. (2018, June 10). Empowering members by Digitalized transformation. Retrieved from
Empowering members by Digitalized transformation: https://www.researchgate.net/profile/Ravichandran-
Narasimhan/publication/326498788_Employees'_provident_fund_organization_Empowering_members_by_
digital_transformation/links/602d55b04585158939b05a65/Employees-provident-fund-organization-
Empowering-members-
SHERRY E. SULLIVAN, A. A. (2019, January). Employment after retirement. Retrieved from Employment after
retirement.
shroff, V. g. (2020, september).
Shroff, V. G. (2020, january 1). Social Security Agreements. Retrieved from Social Security Agreements:
https://drive.google.com/file/d/1NQ21QL8NXOfvo35M8GVTsvix75Xul37/view?usp=drivesdk
TARED BIELY, M. A. (2018, April). Options and challenges in universal access in india. Retrieved from Options and
challenges in universal access in india.
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A study on risk management tool and techniques in life insurance in india:
https://www.uok.ac.in/notifications/(15)%20Sonal%20Trivedi.pdf
VP, R. (2021, April 14). A study on inflation. Retrieved from A study on inflation:
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3816410

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PROJECT ON

" A STUDY ON CHALLENGE FACED BY EMPLOYEES IN EMPLOYEES

for partial completion of the degree of

Bachelor of Management Studies [ BMS ]

Mr. KUNAL RAJESH YADAV

Under the Guidance of

Prof. Akshada Bari

K. M. AGRAWAL COLLEGE OF ARTS, COMMERCE AND SCIENCE, GANDHARE,

Project Guide External Guide

Prof. Akshada Bari

Course Co-ordinator Self-Financing Incharge

Certified By Name & Signature of learner

 I would also like to express my sincere gratitude towards my project guide

Prof. Khushboo Bhatia whose guidance made the project successful.

Figure 1Age VO2 ANOVA Analysis ............................................................................................................................ 39

1.1.2. Rationale of the study:

1.1.2.2. What is missing?

1.1.2.5 Importance of addressing gaps

1.1.3.1 Need for the study:

1.1.3.2 The gaps in the literature that demand attention.

1.1.3.2 Highlight potential contribution of the study in improving practice.

1.2.1 Review of the area being researched:

1.3 PROBLEM STATEMENT

1.3.1 Background of the research problem:

1.4 Research question.

1.5 Research aim & objectives

1.6 Scope of study

1.7 significance of the study

EPF ELIGIBILITY CRITERIA:

CALCULATION OF INTEREST IN EPF:

DIFFERENCE BETWEEN EMPLOYEES PROVIDENT FUND AND PUBLIC

PARAMETER PUBLIC PROVIDENT EMPLOYEES PROVIDENT

Tenure 15 years, extendable after that Can be closed by quitting job

Rate of Interest 7.1% 8.50%

Tax benefit The contribution is tax The contribution is tax

Governing Act Government Saving Bank Employee Provident Fund

Safety Safer Risky

TYPES OF PROVIDENT FUND:

Statutory Provident Fund:

Tax on statutory Provident Fund:

Recognized Provident Fund:

Tax on Recognized Provident Fund:

1. If the employer rendered a continuous service of 5 or more years.

Unrecognized Provident Fund:

Tax on unrecognized provident fund:

Public Provident Fund:

Functions of regional Committee Formed under EPFO:

 To issue the annual account slip to member.

Functions of the executives committee Formed under EPFO:

 Opening sub residential office.

Scope & power of the PF Commissioner:

HOW THE EPF INVEST ITS MONEY?

MODI GOVERNMENT ASSURES SAVINGS IN EPF WILL BE SAFE, DESPITE RELIANCE

WITHDRAWAL MADE BY EMPLOYEE BEFORE RETIREMENT

EPFO is working hard to improve the service delivery.

WITHDRAWAL RELATED RULES OF EPF:

Housing loan for construction Minimum 60 months of Up to 36 months of his basic

INCOME TAX ON WITHDRAWAL OF EPF FUND :

WITHDRAWAL OF EPF IS TAXABLE WHEN :