viewtopic.php?f=2&t=7613&start=7080Thanks vijayk for the article by Monika Halan.
Most apt is the description of EPFO as an organisation that is opaque and scores low on metrics of transparency.
It is a ticking time bomb since it is sitting on a large pool of money, is not a bank and not under RBI.
Never understood why just for an account (8.5 % interest) it exists as an seperate organisation, unlike PPF (interest 7.1 %) which is also an account but exists only as a lines of code in server and physically serviced by regular banking employees who also do other banking work.
True to its opaque nature, it seems there was a multi-crore PF scam brewing involving PF settlement of Jet Airways employees.
https://www.aviationindia.net/2022/08/b ... t_837.html
Looks like there are no checks and balances in place and for an organisation this big, there hardly seems to be fraud detection software in place.Mumbai: The Kandivli Provident Fund (PF) office is under the cloud of a multi-crore scam involving the PF settlement of several Jet Airways employees, mostly pilots. Sources have told mid-day that PF officials connived with the airline staff to siphon money off the accounts of foreign workers and destroyed vital documents. Amid demands for a CBI probe and with the EPFO sending a senior vigilance officer to Mumbai to investigate the scam, desperate efforts are being made to retrieve copies of the documents.
As pressure mounts for a forensic audit into the PF accounts of expatriate and domestic workers of Jet Airways, the Kandivli PF office suspended a senior official—Social Security Assistant Machindra Bamne—on August 18 for allegedly receiving kickbacks.
Needless wasting of subscribers time and mental peace dealing with such kind of blackholes which need not physically exist in first place.
If this is the case of one PF office in financial capital, one can only imagine how hundreds of PF office all over India are functioning.
Physical EPFO office made sense in an era when cash was king and there was no digital transfer. In this age it hardly makes sense.
EPF can follow the same model of NPS where banks use professional fund managers to get market linked returns.