EPFO announces major relief, Rs 10,000 crore to be credited without paperwork
New Delhi (The Uttam Hindu): The Labour Ministry has taken a very relieving decision for the account holders of Employees Provident Fund Organisation (EPFO). Now lakhs of employees will not have to run around government offices to withdraw money from their old and inactive PF accounts. According to sources, the money of such inactive EPFO accounts in which the amount of Rs. 1000 or less is deposited, will be returned directly to the account holders without any paperwork. For this, the employees will not need to fill any application form on their own, rather EPFO will automatically transfer this money to their bank accounts.
Your money will be transferred directly to your bank account without any application.
Under this new scheme of the Labor Ministry, in the first phase, only those accounts have been included which are linked to Aadhaar card. Out of a total of 31 lakh inactive accounts, there are about 6 lakh accounts which are linked to Aadhaar and in which the amount deposited is less than one thousand rupees. EPFO will start the process of transferring money immediately in these identified accounts. The Ministry has started this scheme as a pilot project. After this project is completely successful, similar automatic money transfer will be done for the remaining approximately 25 lakh inactive accounts.
10,000 crore rupees are lying in 31 lakh inactive accounts.
According to EPFO rules, if there is no transaction or activity in a PF account for three consecutive years, it is considered an "inoperative account." Currently, there are a total of 31.86 lakh inactive accounts, containing a massive amount of approximately ₹10,903 crore. Meanwhile, approximately 7.11 lakh accounts contain amounts of up to ₹1,000, totaling approximately ₹30.52 crore. These accounts have been inactive for periods ranging from 3 to 20 years. This major decision by the Ministry of Labor will directly benefit millions of people who have some money stuck in their PF accounts, and they will now be able to access this money easily and without any hassle.