The total amount in inoperative employees' provident fund (EPF) accounts has increased more than fivefold to ₹8,505.23 crore in the financial year 2023-24, up from ₹1,638.37 crore in the fiscal year 2018-19, Parliament was informed on Monday.
In a written reply to the Lok Sabha, Minister of State Shobha Karandlaje clarified that there are no unclaimed accounts in the EPF scheme managed by the Employees' Provident Fund Organisation (EPFO).
However, she explained that certain accounts are classified as 'inoperative' under Para 72(6) of the Employees' Provident Fund Scheme, 1952.
The minister reported that in 2023-24, there were 21,55,387 inoperative EPFO accounts holding ₹8,505.23 crore. In 2018-19, there were 6,91,774 such accounts with ₹1,638.37 crore. Similarly, in 2022-23, 17,44,518 inoperative accounts contained ₹6,804.88 crore.
She also informed the House that EPFO will return the amounts held in inoperative accounts to the respective beneficiaries. In 2023-24, ₹2,632.29 crore was settled, compared to ₹2,673.97 crore in 2022-23 and ₹2,881.53 crore in 2018-19.
All inoperative accounts have identifiable claimants, and whenever a member submits a claim to the EPFO, it is settled after due scrutiny, she stated.
The minister also mentioned that several measures are being taken to raise awareness and enhance the use of EPFO funds by employees, including educational videos, webinars, social media campaigns, print media, and other activities.
The EPFO administers three social security schemes: the Employees' Provident Fund Scheme 1952, the Employees' Pension Scheme 1995, and the Employees' Deposit Linked Insurance Scheme 1976.
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