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Q.

EPFO has not yet decided whether the return on these accounts would be distributed among live accounts.

Inoperative accounts are those accounts that have not received any contribution for 36 months or more.

EPFO had stopped payment of interest to such accounts from April 1, 2011.

says the article , Do you think that this is to be informed to the concerned,

About: EPFO may cut interest on PF deposits to 8.6%

Asked by vilas manohar deshpande, 10 Jan '12 09:32 pm
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Answers (1)

1.

This is simple high handedness. Just once visit to their offices to ascertain the type of work they do. Settlement claims, transfer applications, updating of credits never happen on time. They have no time limits for completing a case. There is absolutely no responsibility. Having said these, the money which are in the inoperative category also is being deployed by them for generating return. They do not leave out these sums from being invested. When they are generating returns with that money, it is only natural justice that income should also be distributed to ALL by way of interest.

If they commit to complete the settlement process in 30 days and abide by it, there won't be any such inoperative accounts.

When Banks don't send out a due date inimation for a FD, a big hue and cry is made. Why no one speaks about the EPFO ??
Answered by S. Ramesh, 10 Jan '12 09:40 pm

 
  
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