No proposal to close the inoperative Employees Provident Fund accounts
Closing EPF Accounts
There is no such proposal to close the inoperative Employees Provident Fund accounts. However, from 1st April, 2011, interest is not being credited to the account of a member from the date on which it has become inoperative account.
As per un-audited Annual Accounts of the Employees’ Provident Fund Organisation, an amount of Rs. 14,914.81 Crore is lying in Inoperative Accounts of the Employees’ Provident Fund Organisation as on 31.03.2011.
Regarding returning the money in Inoperative accounts to their account holder, publicity through print media and electronic media is made to educate the members to file their claims for settlement or transfer to their existing account. Similarly, the employers’ and employees’ unions have also been requested to advise the members to file their claims for settlement.
This information was given by the Minister of Labour and Employment Shri Mallikarjun Kharge in reply to a written question in the Lok Sabha today.
Related posts:
- Inoperative Provident fund accounts? Settle account before 31st March to get Interest
- Inoperative provident fund account Holders may not get any interest on their deposits
- Labour Min favours partial withdrawal from EPF ; Rs. 8,318.69 crore lying in Inoperative Accounts
- Regarding Amendment in para 60 and 72(6) of the Employees Provident Fund Scheme, 1952
- Employees Provident Fund to be Modernised
