Closing EPF Accounts

There is no such proposal to close the inoperative Employees Provident Fund accounts. However, from 1st April, 2011, interest is not being credited to the account of a member from the date on which it has become inoperative account.

As per un-audited Annual Accounts of the Employees’ Provident Fund Organisation, an amount of Rs. 14,914.81 Crore is lying in Inoperative Accounts of the Employees’ Provident Fund Organisation as on 31.03.2011.

Regarding returning the money in Inoperative accounts to their account holder, publicity through print media and electronic media is made to educate the members to file their claims for settlement or transfer to their existing account. Similarly, the employers’ and employees’ unions have also been requested to advise the members to file their claims for settlement.

This information was given by the Minister of Labour and Employment Shri Mallikarjun Kharge in reply to a written question in the Lok Sabha today.

Source:pib