In response to a concerning trend of slow arrears recovery, the Employees' Provident Fund Organisation (EPFO) has announced a special recovery drive scheduled to run from December 2023 to February 2024. This move is aimed at addressing the increasing challenges associated with the recovery of provident fund and allied dues.
The primary goal of the recovery initiative is to collect outstanding dues from defaulting establishments. EPFO emphasizes the importance for defaulting employers to clear pending dues promptly to avoid potential consequences. Defaulting establishments are advised to settle all pending dues towards EPF during the specified drive period. EPFO warns of potential repercussions, including attachment of movable/immovable properties, bank account attachment, appointment of receivers, and even employer arrest and detention.
EPFO, with over 60 million subscribers and a corpus exceeding Rs12 lakh crore, issued a directive to its regional offices. The directive highlights a performance gap in recovering both current and arrear dues, prompting the need for a dedicated recovery drive. EPFO's regional offices are urged to meet recovery targets set by the headquarters during the special drive. The initiative aims at achieving prompt dues recovery without intending to harass employers or defaulters.
As part of the recovery drive, EPFO has instructed its zonal offices to submit weekly consolidated recovery reports. These reports will assess the performance of regional offices in their efforts to expedite dues recovery. In conclusion, the EPFO's special recovery drive underscores a proactive approach to address the challenges of arrears recovery efficiently. Employers are advised to heed this initiative, ensuring timely settlement of pending dues to avoid legal consequences and safeguard the interests of both employees and establishments.