Which one of the following provident funds is set up under Provident Fund Act, 1952”

Correct option is B

The Provident Fund Act, 1952 governs the establishment and administration of the Recognized Provident Fund (RPF). It applies to establishments meeting specific criteria, such as having 20 or more employees. Contributions to the RPF are made by both the employer and the employee, and these funds are regulated to ensure financial security for employees post-retirement.
Provident Fund - A provident fund is a retirement savings scheme established by an employer for the benefit of their employees. The aim of the fund is to help employees save for their retirement by contributing a portion of their salary or wages to the fund, which is then invested to generate returns.
Types of Provident Fund
 Statutory Provident Fund – Under the SPF scheme, both the employer and employee contribute a fixed percentage of the employee's basic salary, dearness allowance, and retention allowance to the fund. The current contribution rate is 12% of the employee's salary, with a matching contribution from the employer.
 Recognized Provident Fund - A Recognized Provident Fund (RPF) is a type of Provident Fund (PF) that is recognized by the Indian Income Tax Act, 1961. RPFs are set up by employers to provide retirement benefits to their employees, and the contributions made by both the employer and the employee are eligible for tax deductions under Section 80C of the Income Tax Act
 Public Provident Fund - It is a popular investment option for individuals who want to save money for their retirement and also earn a decent rate of return on their savings.
 Unrecognized Provident Fund - It is a type of Provident Fund that is not approved by the government. These funds are not registered with the Employees' Provident Fund Organization (EPFO) and therefore do not enjoy the tax benefits that recognized Provident Funds offer.