The report, "EPFO to give interest on inoperative accounts" (March 30), gives the impression that initially the decision is to pay interest on balances in inoperative employee provident fund accounts from 2016-17, even though payment of interest was discontinued from 2011.
The government needs to infuse professionalism in bookkeeping and funds management by organisations such as the Employees' Provident Fund Organisation.
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If 110 million accounts out of 150 million on the books of the EPFO are inoperative and have an aggregate balance of Rs 32,000 crore, it is a serious issue. Add to this the accounts classified as "unclaimed" on the books of the LIC and banks.
Another issue is the government's tendency to treat savings with EPFO and other statutory bodies as a captive source of funding for G-Secs. It is time these organisations are granted more autonomy.
M G Warrier, Mumbai
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