EPFO’s Special Recovery Initiative from December 2023 to February 2024.
Overview:
Responding to the persistent challenge of delayed recovery of dues from subscribers, the Employees’ Provident Fund Organisation (EPFO) is launching a dedicated recovery drive spanning three months, commencing from December 2023 and concluding in February 2024.Affected by the growing issue of sluggish recovery of dues from its subscribers, the Employees’ Provident Fund Organisation is initiating a special recovery campaign for three months, running from December 2023 to February 2024, with the aim of enhancing the recovery process.
Expressing concern over the rising trend of delayed recovery of provident fund arrears and associated dues, the EPFO issued a directive to its regional offices, acknowledging that the performance in recovering current and arrear dues falls significantly below the set targets by the headquarters.
To bolster the recovery efforts, the EPFO has decided to conduct a special recovery drive during the months of December, January, and February 2023 for both exempted and unexempted establishments.
In cases where dues remain unrecovered from defaulting establishments, the EPFO has the authority to initiate recovery actions, including the attachment of movable and immovable properties, seizing bank accounts, appointing receivers, and taking legal actions such as the arrest of employers and detentions.
Furthermore, the EPFO has instructed its zonal offices to provide weekly consolidated recovery reports on the performance of regional offices during the special recovery drive. Additionally, regional offices are mandated to ensure the achievement of all recovery targets communicated by the head office during this special initiative.
Notably, the EPFO has previously undertaken similar special recovery drives to reclaim dues from defaulters through its regional offices.
With over 60 million subscribers and managing a substantial corpus exceeding Rs 12 lakh crore, the EPFO provides beneficiaries with entitlements to provident funds, pensions, and insurance benefits through three distinct schemes.
