By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

Parami News

  • Home
  • Politics
  • India
  • World
  • Business
  • Entertainment
  • Regional
  • Sports
  • Web Stories
Search
© 2024 Parami News. All Rights Reserved.
Reading: Inoperative EPF accounts’ total amount up five fold to ₹8,505 crore in six years
Share
Sign In
Notification Show More
Font ResizerAa

Parami News

Font ResizerAa
Search
  • Home
  • Politics
  • India
  • World
  • Business
  • Entertainment
  • Regional
  • Sports
  • Web Stories
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Parami News > Blog > India > Inoperative EPF accounts’ total amount up five fold to ₹8,505 crore in six years
India

Inoperative EPF accounts’ total amount up five fold to ₹8,505 crore in six years

Atulya Shivam Pandey
Last updated: November 25, 2024 4:27 pm
Atulya Shivam Pandey
Share
2 Min Read
Inoperative EPF accounts’ total amount up five fold to ₹8,505 crore in six years
SHARE

[ad_1]

Shoba Karandlaje. File

Shoba Karandlaje. File
| Photo Credit: Special arrangement

The total amount in inoperative Employees’ Provident Fund (EPF) has jumped over five fold to ₹8,505.23 crore in financial year 2023-24 from ₹1,638.37 crore in fiscal year 2018-19, the Parliament was informed on Monday (November 25, 2024.)

In a written reply to the Lok Sabha, the Minister of State Shobha Karandlaje stated that there are no unclaimed accounts in EPF scheme run by retirement fund body Employees’ Provident Fund Organisation (EPFO).

However, she stated that as per Para 72(6) of the Employees’ Provident Fund Scheme, 1952, certain accounts are classified as ‘Inoperative accounts’. She informed the House that as many as 21,55,387 inoperative EPFO accounts had ₹8,505.23 crore in 2023-24. In 2018-19, there were 6,91,774 inoperative accounts which had ₹1,638.37 crore.

Similarly, in 2022-23, as many as 17,44,518 inoperative accounts had ₹6,804.88 crore. She told the House that the EPFO will return the amount held in the inoperative accounts to the beneficiaries concerned. In 2023-24, the total amount of ₹2,632.29 crore was settled, compared to ₹2,673.97 crore in 2022-23, while it was ₹2,881.53 crore in 2018-19.

“All such inoperative accounts have definite claimants and whenever such a member files a claim in the EPFO, the same is settled after scrutiny,” she stated.

“Several steps are being taken to raise awareness and improve the utilisation of EPFO funds by employees through multimedia activities such as educational videos, webinars, social media, print media, etc,” the Minister told the House.

The EPFO administers three social security schemes namely — Employees’ Provident Fund Scheme 1952, Employees’ Pension Scheme 1995 and Employees’ Deposit Linked Insurance Scheme 1976.

Published – November 25, 2024 04:18 pm IST

[ad_2]

Source link

You Might Also Like

Graduation ceremony held for university colleges of engineering students

Staff of A.P. Raj Bhavan participate in Sankranthi celebrations

Two dozen workers trapped in Kannauj railway station building collapse

Bihar’s first sports university gets UGC recognition

Singer P. Jayachandran cremated with State honours in Chendamangalam

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Copy Link Print
Share
Previous Article Who is Marco Janssen? All-rounder gets huge pay hike, sold to Kings XI Punjab for Rs 7 Crore in IPL auction Cricket News

 | Parami News Who is Marco Janssen? All-rounder gets huge pay hike, sold to Kings XI Punjab for Rs 7 Crore in IPL auction Cricket News | Parami News
Next Article Adani US Indictment: Bangladesh panel for power pacts’ review, including Adani group’s | World News Adani US Indictment: Bangladesh panel for power pacts’ review, including Adani group’s | World News

Stay Connected

235.3kFollowersLike
69.1kFollowersFollow
11.6kFollowersPin
56.4kFollowersFollow
136kSubscribersSubscribe
4.4kFollowersFollow

Latest News

Harry Meghan LA Fire Victims: Major outrage over Harry-Meghan’s visit to LA fire victims: ‘You are not royals…merely two nitwit celebrities’
Harry Meghan LA Fire Victims: Major outrage over Harry-Meghan’s visit to LA fire victims: ‘You are not royals…merely two nitwit celebrities’
World January 11, 2025
‘My chapter is over’: Bangladesh veteran Tamim Iqbal retires from international cricket | Cricket News
‘My chapter is over’: Bangladesh veteran Tamim Iqbal retires from international cricket | Cricket News
Sports January 11, 2025
Pakistan anti-terrorism court grants bail to more than 150 workers of Imran Khan’s party

 | Parami News
Pakistan anti-terrorism court grants bail to more than 150 workers of Imran Khan’s party | Parami News
Most Recent Stories January 11, 2025
Virat Kohli and Rohit Sharma will find form again, says England pacer Tymal Mills | Cricket News
Virat Kohli and Rohit Sharma will find form again, says England pacer Tymal Mills | Cricket News
Sports January 11, 2025
//

We influence 20 million users and is the number one business and technology news network on the planet

Quick Link

  • About Us
  • Contact Us
  • Advertise With Us
  • DNPA Code of Ethics
  • Disclaimer
  • Privacy Policy

Top Categories

  • Business
  • Entertainment
  • India
  • Politics
  • Regional
  • Sports

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

Follow US
© 2024 Parami News. All Rights Reserved.
Manage Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
Welcome Back!

Sign in to your account

Lost your password?