NEW DELHI: Retirement fund body EPFO has asked its field offices to identify the

beneficiaries of inoperative PF accounts and settle those either by making

payments, or transferring money to their active accounts.

Provident fund accounts which fail to make contributions for 36 continuous months
to the EPFO are classified as inoperative accounts. As much as Rs 26,496.61 crore
was lying in the inoperative provident fund accounts with EPFO as on 31 March,
2014.

An office circular issued by the Employees' Provident Fund Organisation said: "In
the absence of availability of address of the beneficiary, the task though may be
onerous has to be performed in the time bound manner with active help and support
of employers."

According to order, over 120 field offices are asked to identify inoperative
accounts and reconcile with the existing records.

Under the order, EPFO has asked its field staff to ascertain the Universal (PF)
Account Number of the current employment of the beneficiary and transfer his funds
to that from the inoperative account.

In case the beneficiary is not working currently, the regional offices have been
asked to find their addresses for making payments to them.

In another circular, EPFO has asked its office to pay interest on those inoperative
accounts where the settlement has been initiated but takes more than the prescribed
30 days.

"Provided that if the settlement of claim in respect of inoperative account is

delayed for more than thirty days from the date of receipt of the application for
settlement of claim, interest shall be credited to the account in accordance with
sub paragraph (2) for delay period excluding the period of thirty d ..