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Rs. 942.93 crore were lying in Unclaimed Deposit Accounts of the Employees Provident Fund as on March 31, 2004. Some of the reasons for Unclaimed Deposit Accounts are non-availability of latest addresses of employees, attractive returns on Provident Fund accumulations, multiple accounts of a member and non submission of claims for transfer/final settlement. The allotment of nationally unique social security number to members under the ‘Re-inventing EPF India’ project will help in drastically reducing the unclaimed deposit accounts by merging the scattered accounts of individual members into one account. Efforts are also regularly made by the Employees Provident Fund Organisation for tracing the whereabouts of the beneficiaries through trade unions, employers and advertisements in newspapers.
This information was given by the Minister of Labour and Employment, Shri K. Chandrasekhar Rao in a written reply in Rajya Sabha today.
MLD/LK / L-35/May 12
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