Rs.3,000-cr PF deposits lying unclaimed
Inoperative or unclaimed deposits with the Employees Provident Fund Organisation (EPFO) increased nine-fold to ₹2,948.11 crore in 2011-12 from ₹332.14 crore in 2006-07, says a CAG report tabled in Parliament recently. Urging the retirement fund body to minimise the incidence of inoperative and unclaimed accounts, the Comptroller and Auditor General’s report said the sharp increase in such accounts indicated that the EPFO “did not exercise adequate control on timely refund or transfer of deposits to subscribers”. The EPFO recently facilitated online transfer of accounts.
Read the Hindu Business Line news report here.