Latest News

EPFO audit shows serious gaps in management of provident fund accounts

An internal audit of the Employees’ Provident Fund Organisation (EPFO) accounts for 2018-19 reveals serious discrepancies in the manner PF accounts and dues were being managed, as per a report by Somesh Jha in Business Standard. The audit report observed negative or adverse balance in EPF subscribers’ accounts, same Aadhaar linked to multiple pension accounts and multiple pension payment orders issued for same PF account. It also found that multiple payments were made to a single bank account, even though when the member details varied. The report also noted difference in tax deducted at sources (TDS) from EPF claims and TDS filed with income tax department and in some cases pension amount was found to be less than the minimum monthly pension of Rs.1,000 or even zero. Also, for a few accounts undisbursed pension amount was retained by banks without crediting back to EPFO. The audit highlighted major compliance issues in implementation of the amnesty scheme.

Source: BS