Government has set up a welfare fund which will utilise unclaimed money lying in PPF, employees provident<br/>fund and small savings schemes to provide healthcare facilities and pension to senior citizens. The unclaimed money is estimated to be in excess of nine thousand crore rupees.<br/><br/>It 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.<br/><br/>According to a notification, public institutions like post offices, employees provident fund organisation (EPFO) will be required to assess the unclaimed amounts and transfer<br/>them to Senior Citizens Welfare Fund before 1st of March every year. <br/><br/>However, before transferring the fund, the institutions will try to contact each of the account holder of the<br/>unclaimed amount, including by way of written notice, e-mail and telephone, twice within a period of 60 days.<br/><br/>During his Budget speech, Finance Minister Arun Jaitley had announced creation of this fund using unclaimed deposits. The number of senior citizens in the country is over 10.5 crore. 70 per cent live in rural areas and a large number are in the BPL category.