Inoperative EPF accounts' total amount up five fold to ₹8,505 crore in six years
The Hindu
EPF inoperative accounts rise to ₹8,505.23 crore in 2023-24, EPFO to return funds to beneficiaries, awareness campaigns planned.
The total amount in inoperative Employees’ Provident Fund (EPF) has jumped over five fold to ₹8,505.23 crore in financial year 2023-24 from ₹1,638.37 crore in fiscal year 2018-19, the Parliament was informed on Monday (November 25, 2024.)
In a written reply to the Lok Sabha, the Minister of State Shobha Karandlaje stated that there are no unclaimed accounts in EPF scheme run by retirement fund body Employees' Provident Fund Organisation (EPFO).
However, she stated that as per Para 72(6) of the Employees' Provident Fund Scheme, 1952, certain accounts are classified as 'Inoperative accounts'. She informed the House that as many as 21,55,387 inoperative EPFO accounts had ₹8,505.23 crore in 2023-24. In 2018-19, there were 6,91,774 inoperative accounts which had ₹1,638.37 crore.
Similarly, in 2022-23, as many as 17,44,518 inoperative accounts had ₹6,804.88 crore. She told the House that the EPFO will return the amount held in the inoperative accounts to the beneficiaries concerned. In 2023-24, the total amount of ₹2,632.29 crore was settled, compared to ₹2,673.97 crore in 2022-23, while it was ₹2,881.53 crore in 2018-19.
“All such inoperative accounts have definite claimants and whenever such a member files a claim in the EPFO, the same is settled after scrutiny,” she stated.
“Several steps are being taken to raise awareness and improve the utilisation of EPFO funds by employees through multimedia activities such as educational videos, webinars, social media, print media, etc,” the Minister told the House.
The EPFO administers three social security schemes namely — Employees' Provident Fund Scheme 1952, Employees' Pension Scheme 1995 and Employees' Deposit Linked Insurance Scheme 1976.
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