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After CAG rap, EPFO speeds up recovery of dues

Oct 08 2013, 09:16 IST
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Due to paucity of funds in 2011-12, EPFO paid an 8.25% interest as against 9.5% in the previous year. Due to paucity of funds in 2011-12, EPFO paid an 8.25% interest as against 9.5% in the previous year.
SummaryEPF is speeding up recovery of dues from errant firms and reduce arrears mounting to Rs 4,157 cr.

orders by courts have blocked R 1,022.42 crore of arrears while liquidation of companies resulted in PF dues of R 244.26 crore.

As on March 31, 2011, of the 148 cases in the Supreme Court, only 23 were decided. The pendency in high courts stood at 8,933 while the number was even greater for district courts at 16,262.

The interest payment due to EPFO for late remittances by companies, as mandated under Section 7Q of EPFO Act, amounted to R303.23 crore in 2010-11.

In contrast to the huge arrears, EPFO recovered just R 219.79 crore by attachment and sale of properties of defaulting establishments.

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