PF members asked to apply for their unclaimed funds

The Regional PF Commissioner has requested members of Employees Provident Fund (EPF) to apply for withdrawal/ transfer of unclaimed funds through their former employers along with relevant documents.

In a press release, Regional PF Commissioner Mihir Kumar has said that if EPF members fail to claim their unclaimed funds, the amount will be transferred to Senior Citizens Welfare Fund.

The Union Government has established a fund called the Senior Citizens Welfare Fund for promoting the welfare of senior citizens and for such other purposes as specified in Chapter VII of the Act. Senior Citizens Welfare Fund is an interest bearing account in the Public Account of the Union of India and is administered by a committee.

As per the rules notified every institution, including accounts of members of Employees Provident Fund under the Employees Provident Fund and Miscellaneous Provisions Act 1952 shall transfer unclaimed amounts to the fund. Further, every institution shall prepare a list of unclaimed amounts lying as unclaimed deposits in such accounts and notify the public in the manner provided under rule 7 of Senior Citizens Welfare Fund and to identify unclaimed amounts and contact each one of the account holders and invite claims, the release said.

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Printable version | Jan 26, 2022 5:48:47 AM | https://www.thehindu.com/news/national/karnataka/pf-members-asked-to-apply-for-their-unclaimed-funds/article37795100.ece

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