New Delhi: The total amount in inoperative Employees' Provident Fund (EPF) accounts has surged five times, reaching Rs 8,505.23 crore in the financial year 2023-24, compared to Rs 1,638.37 crore in 2018-19. This increase was reported in a written reply to the Lok Sabha on Monday. Minister of State Shobha Karandlaje explained that there are no unclaimed accounts in the EPF scheme managed by the Employees' Provident Fund Organisation (EPFO).
Karandlaje clarified that certain accounts are categorized as 'inoperative' under Para 72(6) of the Employees' Provident Fund Scheme, 1952. She shared that in 2023-24, there were 21,55,387 inoperative EPFO accounts holding Rs 8,505.23 crore. In contrast, there were 6,91,774 such accounts in 2018-19, holding Rs 1,638.37 crore. The amount in these accounts grew significantly from Rs 6,804.88 crore across 17,44,518 accounts in 2022-23.
The minister assured that the EPFO is working to return funds from inoperative accounts to their rightful beneficiaries. In 2023-24, a total of Rs 2,632.29 crore was settled, slightly down from Rs 2,673.97 crore in 2022-23 and Rs 2,881.53 crore in 2018-19.
She further emphasized that all inoperative accounts have confirmed claimants. Claims are processed and settled once scrutiny is completed. To boost awareness and utilization of EPF funds, the EPFO has been using multimedia platforms such as educational videos, webinars, and social media.
The EPFO oversees three important social security schemes: the Employees' Provident Fund Scheme 1952, Employees' Pension Scheme 1995, and Employees' Deposit Linked Insurance Scheme 1976.
EPFO to Use Aadhaar OTP for UAN Activation: Ministry Sets Deadline for Employers
Dr. Mandaviya Stresses EPFO’s Vital Contribution to Social Security and Savings