EPFO Update: EPFO, which runs the Social Security Scheme, has returned Rs 16437 crore deposited in inoperative accounts to the account holders from the financial year 2018-19 to 2023-24. Despite this, EPFO still has more than 80 lakh non-operative accounts in which investors’ hard earned money worth Rs 28670 crore is deposited. The Central Government has given this information in the Parliament.
There are no unclaimed accounts in EPF!
During Question Hour, Lok Sabha MPs Manish Tewari and Asaduddin Owaisi asked the Minister of Labor and Employment about the number of inoperative EPF accounts (Inoperative Employees Provident Fund Accounts) in the last five years and Asked for information about the unclaimed amount deposited in these accounts. Also asked whether EPFO will return the amount deposited in the non-operative account to the concerned beneficiary? Answering this question, Minister of State in the Ministry of Labor and Employment Shobha Karandlaje said that there are no unclaimed accounts in EPF. However, according to the rules of EPF Scheme 1952, some accounts have been declared inoperative accounts.
Rs 28,669.32 crore deposited in non-operative accounts
According to the data received from the reply of the Minister of State for Labour, from the financial year 2018-19 to the financial year 2023-24, the total number of non-operative EPF accounts has been 80,84,213, in which investors have deposited Rs 28,669.32 crore. In the year 2018-19, there were 6,91,774 non-operative EPF accounts in which Rs 1638.37 crore were deposited. In 2019-20, the number of accounts increased to 9,77,763 and Rs 2827.29 crore were deposited in these accounts. In 2020-21, the number of accounts was 11,72,923 and the amount deposited was Rs 3930.8 crore. In the financial year 2021-22, the number of accounts was 13,41,848 and the total deposit amount was Rs 4962.70 crore. In 2022-23, the number of non-operative EPF accounts increased to 17,44,518 and the amount deposited in these accounts was Rs 6804.88. In the financial year 2023-24, the number of non-operative EPF accounts increased to 21,55,387 and the amount deposited in them reached Rs 8,505.23 crore (unaudited).
The deposited amount will be returned to the beneficiary
Shobha Karandlaje said that whatever amount is lying in the inoperative accounts, EPFO will return that amount to the concerned beneficiary. From the financial year 2018-19 to the financial year 2023-24, Rs 16436.91 crore were deposited in the inoperative EPF account, which has been settled. The Labor Minister told the House that all non-operative accounts have definite claimants and whenever any such member files a claim with EPFO, it is settled after investigation. He said that between the financial year 2019-20 to 2023-24, a total of 313.55 lakh claims with final settlement (Form 19/20) have been settled. Whereas a total of 312.56 lakh transfer case (Form 13) cases have been settled.
read this also
Petrol-Diesel Price: Central and state governments lost Rs 36 lakh crore in 5 years by imposing tax on petrol-diesel!
