EPFO Update: For salaried individuals, the Employees’ Provident Fund (EPF) is considered a secure investment. This amount, deducted from your salary every month, becomes a great support in the future. However, if the EPF account remains inactive for a long time and the necessary information is not updated, the accumulated capital can become a source of trouble. Considering this, EPFO is now going to take a major step regarding inoperative accounts.
What are Inoperative EPF Accounts?
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There are millions of EPF accounts in the country that have not seen any transactions for years. These accounts become inactive due to job changes, failure to update information, or simply due to neglect. The money deposited in these accounts remains safe, but it becomes difficult to withdraw it without proper identification and documents.
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KYC Verification to be Launched in Mission Mode
According to Union Minister of Labour and Employment Mansukh Mandaviya, EPFO will now work on these inactive accounts in mission mode. Under this, KYC verification of account holders will be conducted. To simplify this process, a new digital platform will be launched, which will help identify dormant EPF accounts.
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Focus on Identifying Nominees as Well
This new initiative will focus not only on the account holders but also on identifying their nominated beneficiaries. The aim is to ensure that if the account holder is unavailable or has passed away, the deposited amount can be safely transferred to the correct person. In the absence of complete KYC and identification, the claim for the fund can remain stuck for a long time.
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Those Working Abroad Will Also Benefit
Mandaviya also clarified that India is now including social security clauses in agreements with other countries. This will provide relief to Indian employees working abroad. If an employee returns to India after working abroad, the PF fund accumulated there will not go to waste, and they will be able to avail the benefits in India as well.
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EPFO Offices to Become Fully Digital
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EPFO is now working on making its offices digital and interconnected with the help of modern technology. The trial of this new system has already started in Delhi. The advantage of this will be that employees will not have to visit the regional office repeatedly for complaints or claims, and most of the work can be completed online.