Final settlement of PF
Rajaram C Iyer
(Querist) 04 June 2008
This query is : Resolved
I am a PF Trust Secretary in an Institute. Ours is a exempted institution. One of our employee who has just reitred is not filling up the PF claim form.
Is there any provision in EPF Act 1952 to settle his PF account with out getting his application. 2) How long can we wait.
3) Also tell me whether the Trust can stop paying interest to those subscribers who don't want ther money. Please provide me the rule position
Prakash Yedhula
(Expert) 29 November 2008
Accumulation in respect of any member who has either ceased to be employed or died, but no claim has been preferred within a period of three years from the date it becomes payable or if any amount remitted to a person, is received back undelivered, and it is not claimed again within a
period of three years from the date it becomes payable, shall be transferred
to an account to be called the “Unclaimed Deposits Account”.
Provided that in case of a claim for the payment of the said balance, the amount shall be paid by debiting the “Unclaimed Deposits Account”.
