New Delhi: Retirement fund body EPFO has asked its field offices to identify the beneficiaries of inoperative PF accounts and settle those either by making payments, or transferring money to their active accounts.
Provident fund accounts which fail to make contributions for 36 continuous months to the EPFO are classified as inoperative accounts. As much as Rs 26,496.61 crore was lying in the inoperative provident fund accounts with EPFO as on 31 March, 2014.
An office circular issued by the Employees' Provident Fund Organisation said: "In the absence of availability of address of the beneficiary, the task though may be onerous has to be performed in the time bound manner with active help and support of employers."
According to order, over 120 field offices are asked to identify inoperative accounts and reconcile with the existing records.
Under the order, EPFO has asked its field staff to ascertain the Universal (PF) Account Number of the current employment of the beneficiary and transfer his funds to that from the inoperative account.
In case the beneficiary is not working currently, the regional offices have been asked to find their addresses for making payments to them.
In another circular, EPFO has asked its office to pay interest on those inoperative accounts where the settlement has been initiated but takes more than the prescribed 30 days.
"Provided that if the settlement of claim in respect of inoperative account is delayed for more than thirty days from the date of receipt of the application for settlement of claim, interest shall be credited to the account in accordance with sub paragraph (2) for delay period excluding the period of thirty days," a recent notification said.
