EPFO's Inoperative Provident Fund Surges to Rs 8,505.23 Crore

The inoperative employees' provident fund (EPF) accounts have significantly increased, reaching Rs 8,505.23 crore in the 2023-24 fiscal year, compared to Rs 1,638.37 crore in 2018-19. The EPFO will return funds from these accounts to beneficiaries. Efforts are underway to enhance awareness of EPFO fund utilization.

The amount in inactive employees' provident fund accounts has soared to Rs 8,505.23 crore in the fiscal year 2023-24, a substantial increase from Rs 1,638.37 crore five years ago, Parliament was informed.

Minister of State Shobha Karandlaje clarified that there are no unclaimed accounts in the EPFO; however, certain accounts are classified as 'inoperative' under the Employees' Provident Fund Scheme, 1952. These inoperative accounts amounted to over 21 lakh in 2023-24.

The minister assured that EPFO is committed to returning the funds to the beneficiaries upon claims, taking measures to boost awareness through multimedia channels to better utilize the provident funds.

(With inputs from agencies.)