Total amount in inoperative EPF accounts up 5 fold to `8,505 cr in 6 years

New Delhi: The total amount in inoperative employees’ provident fund (EPF) has jumped over five fold to Rs 8,505.23 crore in financial year 2023-24 from Rs 1,638.37 crore in fiscal year 2018-19, Parliament was informed on Monday.

In a written reply to Lok Sabha, the Minister of State Shobha Karandlaje stated that there are no unclaimed accounts in EPF scheme run by retirement fund body 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 Rs 8,505.23 crore in 2023-24. In 2018-19, there were 6,91,774 inoperative accounts which had Rs 1,638.37 crore.

Similarly, in 2022-23, as many as 17,44,518 inoperative accounts had Rs 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 Rs 2,632.29 crore was settled, compared to Rs 2,673.97 crore in 2022-23, while it was Rs 2,881.53 crore in 2018-19.

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