There is no proposal to close inoperative Employees Provident Fund (EPF) accounts. However, from April 1, 2011, no interest was being credited to the account of a member from the date on which the account had become inoperative, the Union Labour Minister, Mr Mallikarjun Kharge, said here on Monday.
He said as per the unaudited annual accounts of the Employees' Provident Fund Organisation, Rs 14,914.81 crore was lying in inoperative accounts as on March 31, 2011.
On returning the money in inoperative accounts to the account holder, Mr Kharge said publicity through print and electronic media was being made to educate members to file their claims for settlement or transfer to their existing accounts.
Similarly, employers' and employees' unions had also been requested to advise the members to file their claims for settlement, he said in the Lok Sabha.