Inoperative EPF Accounts' Total Amount Up 5 Fold To Rs 8,505 Crore In Six Years <meta name="twitter:card" content="summary_large_image"> <meta name="twitter:site" content="@ManashjyotiS"> <meta name="twitter:title" content="Inoperative EPF Accounts' Total Amount Up 5 Fold To Rs 8,505 Crore In Six Years"> <meta name="twitter:description" content="<p style="text-align: justify;">New Delhi: The total amount in inoperative employees' provident fund (EPF) has jumped over five fold to Rs 8,505.23 crore in financial year 2023-24 from Rs 1,638.37 crore in fiscal year 2018-19, Parliament was informed on Monday. In a written reply to 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).</p> <p style="text-align: justify;"><strong>ALSO READ: <a class="fw-bold" href="../cng-price-hked-by-rs-2-in-mumbai-other-cities-election-bond-delhi-spared" target="_blank" rel="noopener">CNG Price Hked By Rs 2 In Mumbai, Other Cities, Election Bond-Delhi Spared</a></strong></p> <p><strong><img class="img-responsive" style="display: block; margin-left: auto; margin-right: auto;" title="epf.jpeg" src="../storage/app/public/post/inner-photo/blobid1732533485973.jpg" alt="" width="453" height="340"></strong></p> <div class="flex max-w-full flex-col flex-grow"> <div class="min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words [.text-message+&]:mt-5" dir="auto" data-message-author-role="assistant" data-message-id="94292aea-a79c-47c7-9f17-8e278d60c7d9" data-message-model-slug="gpt-4o"> <div class="flex w-full flex-col gap-1 empty:hidden first:pt-[3px]"> <div class="markdown prose w-full break-words dark:prose-invert light"> <p style="text-align: center;"><span style="font-size: 8pt;"><em>Inoperative EPF accounts' total rises fivefold to Rs 8,505 crore in FY24, with efforts underway to return funds to claimants.</em></span></p> </div> </div> </div> </div> <div class="mb-2 flex gap-3 empty:hidden -ml-2"> <div class="items-center justify-start rounded-xl p-1 flex"> </div> </div> <p style="text-align: justify;">However, Shobha Karandlaje said 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 Rs 8,505.23 crore in 2023-24. In 2018-19, there were 6,91,774 inoperative accounts which had Rs 1,638.37 crore.</p> <p style="text-align: justify;"><a href="https://www.business-standard.com/finance/news/inoperative-epf-accounts-total-amount-up-5-fold-to-rs-8-505-cr-in-6-years-124112500631_1.html" target="_blank" rel="noopener"><strong>EPFO To Return Funds From Inoperative Accounts, Raises Awareness On Utilization</strong></a></p> <p style="text-align: justify;">Similarly, in 2022-23, as many as 17,44,518 inoperative accounts had Rs 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 Rs 2,632.29 crore was settled, compared to Rs 2,673.97 crore in 2022-23, while it was Rs 2,881.53 crore in 2018-19. All such inoperative accounts have definite claimants and whenever such a member files a claim in EPFO, the same is settled after scrutiny, she stated.</p> <p style="text-align: justify;"><strong>ALSO READ: <a class="fw-bold" href="../rapid-digital-expansion-to-create-1-lakh-plus-jobs-in-fiber-tech-in-india" target="_blank" rel="noopener">Rapid Digital Expansion To Create 1 Lakh Plus Jobs In Fiber Tech In India</a></strong></p> <p style="text-align: justify;">Several steps are being taken to raise awareness and improve the utilization of EPFO funds by employees through multimedia activities like 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. </p>"> <meta name="twitter:image" content="https://business-northeast.com/image-compress.php?imgpath=https://www.business-northeast.com/storage/app/public/post/feature-img/754851732533563.jpeg"> <meta property="og:image" content="https://business-northeast.com/image-compress.php?imgpath=https://www.business-northeast.com/storage/app/public/post/feature-img/754851732533563.jpeg">

Inoperative EPF Accounts' Total Amount Up 5 Fold To Rs 8,505 Crore In Six Years

BNE News Desk ,

November 25, 2024

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New Delhi: The total amount in inoperative employees' provident fund (EPF) has jumped over five fold to Rs 8,505.23 crore in financial year 2023-24 from Rs 1,638.37 crore in fiscal year 2018-19, Parliament was informed on Monday. In a written reply to 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).

ALSO READ: CNG Price Hked By Rs 2 In Mumbai, Other Cities, Election Bond-Delhi Spared

Inoperative EPF accounts' total rises fivefold to Rs 8,505 crore in FY24, with efforts underway to return funds to claimants.

However, Shobha Karandlaje said 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 Rs 8,505.23 crore in 2023-24. In 2018-19, there were 6,91,774 inoperative accounts which had Rs 1,638.37 crore.

EPFO To Return Funds From Inoperative Accounts, Raises Awareness On Utilization

Similarly, in 2022-23, as many as 17,44,518 inoperative accounts had Rs 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 Rs 2,632.29 crore was settled, compared to Rs 2,673.97 crore in 2022-23, while it was Rs 2,881.53 crore in 2018-19. All such inoperative accounts have definite claimants and whenever such a member files a claim in EPFO, the same is settled after scrutiny, she stated.

ALSO READ: Rapid Digital Expansion To Create 1 Lakh Plus Jobs In Fiber Tech In India

Several steps are being taken to raise awareness and improve the utilization of EPFO funds by employees through multimedia activities like 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.