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EPFO audit shows serious gaps in management of provident fund accounts

While the audit is still in progress, some of the reports have been submitted to the EPFO headquarters for necessary action

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The EPFO accidentally transferred provident fund savings of employees to the bank accounts of other subscribers in some cases

Somesh Jha New Delhi
An internal audit conducted by the Employees’ Provident Fund Organisation (EPFO) has thrown up major discrepancies in the way it has been managing the provident fund accounts and settling dues.

Some of the accounts of formal sector workers, whose provident fund savings are parked with the EPFO, showed “negative” or “adverse” balance. According to EPFO officials, in a few cases, the audit observed negative balance to the tune of Rs 100,000 or more.

This, officials said, might be a result of fraud or accounting errors. In some cases, employees or EPF subscribers might have been paid more than their savings

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First Published: Sep 27 2019 | 11:07 PM IST

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