Podcast
Questions and Answers
What is the primary source of building a retirement corpus for most individuals?
What is the primary source of building a retirement corpus for most individuals?
- Government contributions
- Savings from the individual (correct)
- Income generated during retirement
- Employer contributions
Which group of individuals are required to make mandatory contributions to their retirement account?
Which group of individuals are required to make mandatory contributions to their retirement account?
- Self-employed individuals
- Government employees only
- Employees covered under the Employees Provident Fund Act (correct)
- Unorganized sector workers
In which type of retirement scheme do benefits depend on the contributions made during the working life of the employee?
In which type of retirement scheme do benefits depend on the contributions made during the working life of the employee?
- Central Civil Services Pension
- Defined Contribution (DC) schemes (correct)
- Public Sector Bank Pension
- Defined Benefit (DB) schemes
What distinguishes Defined Benefit (DB) schemes from Defined Contribution (DC) schemes?
What distinguishes Defined Benefit (DB) schemes from Defined Contribution (DC) schemes?
For individuals not covered under mandatory retirement provisions, like self-employed people, saving for retirement is:
For individuals not covered under mandatory retirement provisions, like self-employed people, saving for retirement is:
Which retirement benefit schemes provide a defined pension to those covered under them?
Which retirement benefit schemes provide a defined pension to those covered under them?
What type of retirement plan is described in the text?
What type of retirement plan is described in the text?
What is a key characteristic of Defined Benefit plans?
What is a key characteristic of Defined Benefit plans?
What could lead to a Defined Benefit plan becoming 'under-funded'?
What could lead to a Defined Benefit plan becoming 'under-funded'?
Why have Defined Contribution plans become more popular?
Why have Defined Contribution plans become more popular?
What factor has contributed to the decline in Defined Benefit schemes?
What factor has contributed to the decline in Defined Benefit schemes?
How do employees view Defined Contribution plans compared to Defined Benefit plans?
How do employees view Defined Contribution plans compared to Defined Benefit plans?
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