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EPFO to go hammer and tongs against defaulting units
New Delhi, July 08: Saddled with huge arrears of over Rs 1,511 crore from both state and central PSUs and private sector, Employees Provident Fund Organisation today launched a major action plan, including attachment of property and freezing of bank accounts, to recover money from them.
New Delhi, July 08: Saddled with huge arrears of over Rs 1,511 crore from both state and central PSUs and private sector, Employees Provident Fund Organisation today launched a major action plan, including attachment of property and freezing of bank accounts, to recover money from them.
"The Compliance 04` Programme will include attachment of property and bank accounts of defaulters, launch of prosecution with criminal courts, arrest of defaulters and appointment of receivers," labour minister Sahib Singh Verma told reporters here while announcing the programme.
Concerned over the huge gap between default and recovery, Verma said the multi-pronged campaign would target defaulting establishments, including exempted ones, which had misappropriated workers` dues or had failed to pay them their money and meet legal obligations voluntarily.
"The over-arching objective of this programme is to ensure that every rupee due to the worker under EPF Act is recovered from employers and deposited into workers` respective accounts," he said.
In an attempt to tone up the recovery structure of EPF, Verma said that all defaulters had been given one month time to pay up the arrears due to workers, failing which their names would be put up in the website.
All nodal ministries would be asked to blacklist them, while banks and financial institutions would be instructed to put a freeze on credit line for these companies, he said.
The minister said central PSUs owed Rs 297 crore, state PSUs Rs 339 crore and private sector Rs 348 crore.
Bureau Report
Concerned over the huge gap between default and recovery, Verma said the multi-pronged campaign would target defaulting establishments, including exempted ones, which had misappropriated workers` dues or had failed to pay them their money and meet legal obligations voluntarily.
"The over-arching objective of this programme is to ensure that every rupee due to the worker under EPF Act is recovered from employers and deposited into workers` respective accounts," he said.
In an attempt to tone up the recovery structure of EPF, Verma said that all defaulters had been given one month time to pay up the arrears due to workers, failing which their names would be put up in the website.
All nodal ministries would be asked to blacklist them, while banks and financial institutions would be instructed to put a freeze on credit line for these companies, he said.
The minister said central PSUs owed Rs 297 crore, state PSUs Rs 339 crore and private sector Rs 348 crore.
Bureau Report