The EPFO has decided to restore interest on inoperative EPF accounts w.e.f April 2016. UPA government had taken an unjustified decision to stop giving intetest on EPF accounts from April 2011 for which no further contributions were made.
While the present decision is welcome, that is not sufficient. Interest from April 2011 retrospectively should be granted. Then only justice will be meted out to the account holders.
Out of about a total of 15 crore EPF accounts, 9.23 crore are stated to be inoperative according to Labour Secretary.