EPFO to Refund Rs 30.52 Crore from Inactive PF Accounts via Direct Transfer
EPFO has initiated a Rs 30.52 crore refund program for over 7.11 lakh inactive PF accounts, primarily targeted at those older than two decades without any recent transactions. The initiative aims to close an entire batch of dormant accounts by transferring the funds directly linked to Aadhaar.
Highlights
- •EPFO Commences Rs 30.52 crore Refund Process for Inactive PF Accounts
- •Targeting Approximately 7.11 lakh Dormant Accounts Established Over 2 Decades
- •Direct Transfer of Funds Ensures Quick Return to Account Holders or Legal Heirs via Aadhaar-linked Details
- •Effort Towards Closing 31.86 lakh Dormant PF Accounts Under Labour Ministry Initiative
EPFO is pleased to announce the commencement of a significant initiative aimed at rectifying discrepancies in the Employees' Provident Fund Organisation (EPFO). The process will commence with the refund of Rs 30.52 crore held within approximately 7.11 lakh inactive PF accounts.
This remarkable decision comes from the Labour Ministry's ongoing effort to close 31.86 lakh dormant accounts since their inception as much as two decades ago. The initiative targets accounts that have not seen any transactions for three consecutive years.
EPFO will spearhead this pilot project by transferring Rs 30.52 crore directly into these PF accounts, pending Aadhaar-linked bank details already established with the EPFO system. This streamlined approach is expected to expedite the return of funds back to account holders or their legal heirs.
The ministry's strategic plan includes a comprehensive strategy to manage and secure this substantial amount through an efficient and transparent refund mechanism. By targeting accounts from twenty years in age, with minimal transactions over the past three years, EPFO aims to ensure the smooth operation of its retirement scheme, safeguarding the welfare of millions who have longed for their financial benefits.
This step taken by the Labour Ministry signals a significant stride towards reviving the dormant PF accounts and upholding the integrity of the Provident Fund system. The decision not only resolves numerous concerns amongst account holders but also aligns with broader economic policies seeking to boost employment rates and employee welfare.
