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Thursday, January 28, 2021

A staggering sum of Rs. 3450 million in the EPF disappears

The Auditor general in the annual report on the employees provident Fund (EPF) had disclosed that a staggering sum of approximately Rs. Three thousand and forty five million had not been credited to the accounts of the members of this fund .Following the filing of action by the Commissioner general of labor  against private establishments these monies had been recovered for the fund.

A sum of Rs. 3440 million 99 lakhs fifteen thousand and forty nine had not been credited to the accounts of the members as at 30th June 2011. This was revealed in the 2011 annual report on the EPF presented to Parliament.

Similarly , of the sum of nearly Rs. 220 million  received on court directives to the EPF district offices, payments up to nearly   Rs. 170 million has not been recorded in the final accounts , as revealed by the Auditor General .

A sum of Rs.850 million  in the profit and loss account which had been growing since the inception of the fund had not been cleared as at 30th June 2011 . Similarly the rightful ownership of the members of the EPF had not been reflected in their accounts , the Auditor general further pointed out.
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