EPFO updates 155 million PF accounts for 2014-15 on Apr 1

It has been found that 65.61 mn accounts are active and 80.85 mn are inoperative; As many as 8.96 mn accounts are already settled

The retirement fund body has achieved another milestone in the process of digitising its operations by updating 155 million PF accounts for 2014-15 in a day.

Earlier, the task of updating PF accounts for a financial year used to take months after the end of that fiscal.

The Employees' Provident Fund Organisation (EPFO) is required to update PF accounts for a fiscal till September 30 after the end of that financial year.

But the task for 2014-15 was completed on April 1.

"It has happened in the history of EPFO for the first time that accounts of all EPF member accounts have been updated on 1st April itself," EPFO said in a release.

According to the release, earlier this work used to take years. It was only during 2014-15 that more than 99 per cent of accounts were updated before the due date, i.E. September 30 of the financial year.

It has been found that 6,56,06,009 accounts are active and 8,08,56,444 accounts are inoperative. As many as 89,58,296 accounts are already settled, the release said.

Commending the EPFO, Labour Minister Bandaru Dattatreya said that the exercise has enabled EPFO to know status of inoperative and active accounts in a fairly reasonable manner.

He also congratulated EPFO's Central Provident Fund Commissioner K K Jalan and his team of officers who were working hard for the last two months to make this unique feat successful.