- News>
- Economy
PF defaulters may get to clear dues without penalty
Kolkata, June 13: The Employees Provident Fund (EPF) department under the Union labour ministry plans to launch a new scheme, which will allow defaulters to clear their dues without penal charges within six months from the date of notification. The EPF department has already drafted the proposed scheme and is awaiting the Centre`s clearance.
Ray said that his department is in advanced stages of implementing an on-line double entry-based accounting system, which will facilitate payers to transact through their account from any corner of the country. “This will also reduce the operational time to a large extent,” Mr Ray said.
Ray reiterated that the EPF members will soon be provided with a unique 14 digit identification number.
However, he did not mention of any deadline for accomplishing this task. During ‘02-03, EPF defaults stood at about Rs 140 crore. Ray said that his department had recovered about 70% of the amount. “This year we have made a target of 80% recovery,” Ray said. Bureau Report