09 February 2006 ~ 0 Comments

Come, take your money

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Come, take your money Employees’ Provident Fund Organization (EPFO) babus these days are saddled with a weird problem. Lakhs of employees have all but forgotten about their Provident fund accounts. The balances in the Unclaimed Deposit Account have risen sharply over the last three years. The figure which stood at Rs 634.57 crore in 2002- 03 has risen to Rs 942.95 crore in 2003-04. The EPFO officials are going nuts about maintaining these ‘inoperative’ accounts. Apart from the high interest rate they have to pay, which of late has been the center of a heated debate, the operational expenditure on these accounts is also very high. An internal estimate in 2004 found that there were almost 1.98 crore ‘inoperative’ accounts and nearly Rs 198 crore was spent that year for the upkeep of these accounts. Concerned at this kind of wasteful expenditure, the EPFO babus have now decided to initiate a special drive to find the rightful claimants of the funds lying in its Unclaimed Deposits Account. They are going to put up advertisements in newspapers informing members who have not contributed to their accounts for the last three years to settle accounts. Babus, who are more used to being chased by the Aam Aadmi for their dues, will be for a change going to the ‘beneficiaries’ doorstep to pay up dues!

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