In response to the news report and subsequent column in the editorial section of the Daily Excelsior. regarding mismagement of interest rates with effect from 2014-15, I would like to bring to the notice of all concerned the fact that the JKEPF organisation is playing down the crisis in the organisation.
The organisation issued a circular on August 28, 2020 to stop the settlement of withdrawal claims for a week commencing from August 31, 2020. However the submission of online fresh claims is still under freeze and the scroll in the e-portal of the site reads,”Fresh apply of claim application is stopped for a week or till next order”. This suspension of claim submission is continuing for the last five months now putting various subscribers to inconvenience especially those who retired from their services and want to apply for final withdrawal.
The organisation seems to be under financial distress as some of the subscribers, who had applied for final settlement some 8 months back, their accounts were not settled in time. It was only after when one of the applicants lodged a complaint with the grievance redressal cell of Governor’s office that the EPFO acted and settled the account of the two applicants while applying the reduced rate of interest. These employees have been paid less by 8.5 lacs and 9.5 lacs respectively. Now the Commissioner JKEPFO through your reporter is claiming that the interest rates for the said period is under consideration and has not been finalised yet. If their contention is taken at face value then how the reduced rates have been applied in case of these two employees. And also the organisation needs to explain the rates that they have applied in case of employees whose accounts have been settled from 2015 to November 2020 in absence of any decided rates of interest. The number of such employees must be in thousands. In such a scenario the affairs of the organisation needs to be investigated so that the deposits of more than five lakh employees are safeguarded. According to a conservative estimate about 15-20% of claim is getting reduced by reducing the interest rates retrospectively.