The government has set up a welfare fund which will utilise unclaimed money, estimated to be in excess of '9,000 crore, lying in PPF, employees provident fund and small savings schemes to provide healthcare facilities and pension to senior citizens.
According to a notification, public institutions like post offices, employees provident fund organisation (EPFO) will be required to assess the unclaimed amounts and transfer them to ‘Senior Citizens Welfare Fund’ before March 1 every year.
The money will be utilised to promote financial security of senior citizens, old age pension, healthcare, health insurance and welfare of elderly widows. It will also fund schemes related to old-age homes, day-care of senior citizens and research activities related with ageing.
Finance minister Arun Jaitley in Budget 2015-16 had announced the creation of a fund using unclaimed deposits of about Rs 3,000 crore in the PPF, and Rs 6,000 crore in the EPF corpus.
The number of senior citizens in the country is over 10.5 crore, out of which over one crore are above the age of 80 years. 70 per cent live in rural areas and a large number are in the BPL category.
Before transferring the Fund, the institutions will try to contact each of the account holder of the unclaimed amount, including by way of written notice, e-mail and telephone, twice within a period of 60 days.
The institution will display the list prepared for the general information of the public, on the notice boards of the relevant offices and on the website of the institution concerned for at least a period of 60 days, inviting claims, if any, the notification said.
