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Question 1
Under the Payment of Gratuity Act, 1972, gratuity normally becomes payable to an employee only after completion of a minimum continuous service period. What is that minimum period in the standard case (resignation, superannuation or retirement)?
Correct Answer:
5 years
Question 2
Under the Payment of Gratuity Act, 1972, the standard formula computes gratuity as a number of days' wages for each completed year of service based on the last drawn wages. How many days' wages per completed year applies to employees covered under the standard (non-seasonal) provision?
Correct Answer:
15 days' wages
Question 3
The maximum statutory gratuity payable under the Payment of Gratuity Act, 1972 was raised by notification in 2018. What is the current ceiling on tax-exempt/statutory gratuity that an actuary typically applies when valuing a gratuity liability for a private-sector employer?
Correct Answer:
Rs 20 lakh
Question 4
The Employees' Pension Scheme (EPS), 1995 is administered by the EPFO and provides a defined pension to organised-sector workers. From the employer's statutory provident-fund contribution, what portion of pensionable wages is diverted to fund EPS?
Correct Answer:
8.33%
Question 5
The National Pension System (NPS) in India is regulated by which statutory authority, and what is its fundamental benefit design?
Correct Answer:
PFRDA; a defined-contribution individual-account scheme
Question 1
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About this Exam

Prepare with the IAI SA4 Practice Questions - IAI Subject SA4 Pensions and Other Benefits Specialist Advanced Exam practice quiz. This question bank includes 100 questions covering gratuity, scheme, actuary, risk, and defined-benefit. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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IAI SA4 Practice Questions - IAI Subject SA4 Pensions and Other Benefits Specialist Advanced Exam

This practice set contains 100 questions from the matching question bank and focuses on gratuity, scheme, actuary, risk, and defined-benefit. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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