The amount of money in inoperative Employees' Provident Fund (EPF) accounts has increased significantly from Rs 1,638.37 crore in 2018-19 to Rs 8,505.23 crore in the financial year 2023-24. This rise is due to the growing number of inoperative accounts, which now stands at 21,55,387 compared to 6,91,774 accounts recorded six years ago.
The Minister of State, Shobha Karandlaje, stated that there are no unclaimed accounts within the EPF scheme managed by the Employees' Provident Fund Organisation (EPFO). However, certain accounts are classified as 'inoperative' under Para 72(6) of the Employees' Provident Fund Scheme, 1952, indicating that account holders need to be aware of their account status and take necessary actions.
It is important for account holders to be aware of their account status and take necessary actions. The EPF accounts have seen a significant increase in the amount of money, from Rs 1,638.37 crore to Rs 8,505.23 crore, due to the rise in the number of inoperative accounts. Currently, there are 21,55,387 inoperative accounts compared to 6,91,774 accounts recorded six years ago. The Minister of State, Shobha Karandlaje, has clarified that there are no unclaimed accounts within the EPF scheme managed by the EPFO. However, certain accounts are classified as 'inoperative' under Para 72(6) of the Employees' Provident Fund Scheme, 1952.