Q. Consider the following statements:

1. The PFRDA Pension Fund Regulatory and Development Authority is a regulatory authority under the Ministry of Finance.
2. EPFO or Employees' Provident Fund Organization is a social security organization under the Ministry of Labour and Employment.
3. The President of India is the guardian of both PFRDA & EPFO.
4. PFRDA is a statutory body.
5. EPFO is a non-statutory body.

Which of the above given statements is/are correct?
Answer: Only 1, 2 & 4
Notes: The Pension Fund Regulatory and Development Authority (PFRDA) is a regulatory body under the Ministry of Finance, overseeing pensions in India. The Employees' Provident Fund Organisation (EPFO) operates under the Ministry of Labour and Employment, managing the mandatory provident fund and pension schemes. PFRDA was established as a statutory body by the Pension Fund Regulatory and Development Authority Act of 2013, while EPFO is governed by the Employees' Provident Funds and Miscellaneous Provisions Act of 1952. The President of India oversees the PFRDA, but there is no such association with the EPFO.

This question is part of UPSC Daily 20 MCQ Series Course on GKToday Android app.