Workers in building and construction sector face difficulties in retrieving their savings with retirement fund body EPFO due to frequent job changes but steps are being taken to deal with it, Parliament was informed today.
"There are instances came to the notice of Employees' Provident Fund Organisation (EPFO) where the workers of these sectors (building and construction) face difficulties while retrieving their savings with EPFO due to frequent job changes," Labour Minister Bandaru Dattatreya said in a written reply to Lok Sabha on Monday.
The minister said EPFO is taking various steps such as introduction of portable universal PF account number, facility of online transfer of PF account on changing job and providing online access to accounts for the body's subscribers.
As per the unaudited annual account of the EFFO for 2013-14, Rs 27,448.54 crore is lying in inoperative accounts. When contribution is not made to a PF accounts for more than 36 months, it becomes inoperative. EPFO does not credit interest in such accounts.
While replying to another question, the minister informed the House that the pendency of cases before Employees' Provident Fund Appellate Tribunals has increased over the years.
The government has constituted one more Tribunal at Bengaluru with jurisdiction over Southern states--Karnataka, Kerala, Tamil Nadu, Andhra Pradesh, Telangana, Goa and Union Territories of Andaman and Nicobar Islands and Puducherry.
The pendecy of cases before tribunals has increased to 3,028 this fiscal till October 31, from 2,809 in entire 2012-13. It was 2,415 in 2011-12 and 1,904 in 2010-11, according to the data tabled by the minister.
