Union Minister of State for Labour Bandaru Dattatreya said here on Friday that an unclaimed amount of Rs. 27,000 crore was lying with the Employees Provident Fund Organisation as the identity of the subscribers could not be established.
He told a press conference here that the Ministry of Labour was framing guidelines to handover the money to legal heirs if the subscribers could not be traced. The money will be disbursed in two months.
He said the ownership of the money in a majority of the cases was identified but still guidelines would be prepared to make the disbursement foolproof.
There were about 50 lakh subscribers in EPFO at present but their strength could go up to 1 crore with the “Make in India” programme picking up.
