Mon Nov 25 10:48:30 UTC 2024: ## Inoperative EPF Accounts Hold Over ₹8,500 Crore: Government

**New Delhi, November 25, 2024** – The amount held in inoperative Employees’ Provident Fund (EPF) accounts has more than quintupled in the last five years, according to a statement made in Parliament today. Minister of State Shobha Karandlaje revealed that ₹8,505.23 crore was held in 21,55,387 inoperative accounts in the financial year 2023-24, a significant increase from ₹1,638.37 crore in 2018-19.

While clarifying that there are no unclaimed EPF accounts, the Minister explained that these accounts are classified as “inoperative” under the Employees’ Provident Fund Scheme, 1952. She assured the Lok Sabha that the EPFO is actively working to return the funds to their rightful owners. In 2023-24 alone, ₹2,632.29 crore was disbursed to beneficiaries.

The government is also undertaking measures to raise awareness about EPF utilization among employees, including multimedia campaigns and social media initiatives. The EPFO administers three major social security schemes: the Employees’ Provident Fund Scheme 1952, the Employees’ Pension Scheme 1995, and the Employees’ Deposit Linked Insurance Scheme 1976.

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