Unclaimed PF deposits

Unclaimed PF deposits: Provident Fund — EPF and PPF — is the private property of the contributor and the manager. The Government of India plays only the role of a trustee and not a usurper (“”, April 3). The government’s m



Unclaimed PF deposits
Provident Fund — EPF and PPF — is the private property of the contributor and the manager. The Government of India plays only the role of a trustee and not a usurper (“Unclaimed PF deposits to be diverted”, April 3). The government’s move has introduced fear in subscribers. Amortising the fund is an unwise and hasty step.
T.G. Vittal,
Ballari, Karnataka
The proposed transfer may end up in the misappropriation of a huge amount of savings/deferred wages of millions of citizens kept in trust with statutory bodies/authorities. Instead of going ahead with the proposal, the government should have a professional audit of these unclaimed/inoperative accounts and find out why millions of their holders are invisible in the records of these organisations. The first effort should be to reach out to the real owners or their genuine heirs. While the nobility of the intentions to set up a welfare fund for senior citizens is impeccable, there should be an appropriate regulator for inoperative and unclaimed deposit accounts with institutions before appropriating funds from citizens’ savings.
M.G. Warrier,
Mumbai

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