August 25th, 2016
According to the government data, Rs.44,000 crores are ideally sitting in the inoperative PF accounts. Employees contribute to the PF for post-retirement benefits. When employees change jobs, many employees open a new PF account instead of using the old PF account, which becomes inoperative after 3 years. Employees are unaware of the procedure to claim PF amount from inoperative PF accounts. According to existing norms, no interest is paid on ‘inoperative’ accounts, where there has been no contribution for 36 months.
The Employees’ Provident Fund Organisation (EPFO) set up an online help desk to help members trace inoperative PF accounts and reclaim the money idle in these accounts. The facility can be utilized even if you don’t know your account details.