UNCLAIMED EMPLOYEES’ PROVIDENT FUND ACCOUNTS AN APPRAISAL

UNCLAIMED EMPLOYEES’ PROVIDENT FUND ACCOUNTS AN APPRAISAL
Author(s):
Mohammad Umar
Keywords:
Employees’ Provident Fund- Inoperative accounts- Senior Citizens’ Welfare Fund -Unclaimed EPF Accounts- - Universal Account Numbers (UAN).
Abstract
In May 2016, the Government of India stated that about ₹43,000 Crores was lying in inoperative EPF (Employees' Provident Fund) accounts although the definition of inactive account changed post the November 2016 notification. Earlier, if a person stopped contributing towards PF for three years or more, the account became inactive. But now an account is termed inoperative three years after a person's retirement if he/she is at least 55 years old.
Article Details
Unique Paper ID: 154118 Publication Volume & Issue: Volume 8, Issue 10 Page(s): 158 - 161
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