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EPFO sitting over Rs 26,497-cr ‘inoperative’ a/cs

Jul 15 2014, 01:05 IST
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SummaryEmployees Provident Fund Organisation is sitting over R26,497 crore of idle cash lying in “inoperative” accounts, where there has been no contribution

Employees Provident Fund Organisation is sitting over R26,497 crore of idle cash lying in “inoperative” accounts, where there has been no contribution from employees or employer for over 3 years, MoS labour Vishnu Deo Sai said in a written reply to Lok Sabha.

Unlike banks, the minister clarified that EPFO does not classify the funds lying in the inoperative account as “unclaimed” as there are definite claimants and the idle cash cannot be used for any other schemes.

He also said the government has approved a minimum pension of R1,000 per month to pensioners under the EPS scheme.

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