CAG discovers Rs 1,336 crore gap in EPFO books

February 25, 2013 12:29

The country's chief auditor has uncovered a Rs 1,336-crore negative balance in the books of the Empoyees' Provident Fund Organisation, the custodian of Rs 8.15 crore formal sector workers' lifetime savings.
A report, prepared by the Comptroller and Auditor General (CAG) and reviewed by Economic Times, says this discrepancy in the EPFO's books for 2011-12 could grow further. For beneficiaries, this could mean lower returns on provident fund savings for 2012-13 and 2013-14, if the difference remains. The CAG's findings indicate that the PF rate for 2012-13 could have been as much as 9% if its accounts were in order.

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