(a)the total unclaimed amount in Employees Provident Fund inoperative Accounts as on date, State/UT-wise;
(b)the total amount earmarked for payment of interest on the said amount during the last financial year;
(c)whether the Government has prepared any plan to utilise the said unclaimed/idle amount; and
(d)if so, the details thereof?
MINISTER OF STATE (IC) FOR LABOUR AND EMPLOYMENT
(SHRI SANTOSH KUMAR GANGWAR)
(a): Unclaimed amount is not defined in Employees’ Provident Funds (EPF) Scheme, 1952. However, as per para 72(6) of the Employees’ Provident Funds (EPF) Scheme 1952, certain amounts are classified as Inoperative Accounts. All such Inoperative Accounts have, however, definite claimants.
Further, the Central Government vide Notification No. G.S.R. 1065 (E) dated 11th November, 2016 has amended paragraph 72(6) of the EPF Scheme, 1952 wherein changes have been made. According to the amended definition, the amount in inoperative accounts where the date of birth is available is Rs. 1094.09 crore. The State/UT-Wise details of Inoperative Account are not available separately with Employees’ Provident Fund Organisation (EPFO).
(b): As per paragraph 60(6) of EPF Scheme, 1952, interest shall not be credited to the account of a member from the date on which it has become Inoperative account under paragraph 72(6) of EPF Scheme, 1952.
Contd..2/-
:: 2 ::
(c) & (d): The Employees’ Provident Fund Organisation (EPFO) being the trustee of the Fund maintains individual member’s account and the deposits available in the members’ account are paid to the members only on submission of applications. Thus, the amount lying in the Inoperative Account cannot be utilized for any other purpose except for the settlement of the members’ account.
The Finance Act, 2015 has established the ‘Senior Citizens Welfare Fund’, which would be funded from any credit balance remaining unclaimed for a period of seven years. The ‘Senior Citizens’ Welfare Fund Rules, 2016’ has identified the accounts of Employees’ Provident Fund (EPF) as one of the schemes for transfer of unclaimed amounts.
It has been decided that amount lying in Inoperative Account under Employees’ Provident Fund (EPF) be transferred to Senior Citizens’ Welfare Fund and utilized for the benefit of EPS pensioners. A pilot scheme to this effect, to extend medical benefits to Employees’ Pension Scheme (EPS), 1995 pensioners through Employees’ State Insurance Corporation (ESIC) hospitals has been framed and sent to Ministry of Social Justice & Empowerment for approval of the same.
******