₹1000 PF Money Credit Update: When Will It Come, Who Will Receive Benefit? Details Now

Inoperative EPF Accounts Money Refund: The Labour Ministry has given good news for lakhs of working people in the country. It is often seen that people ignore their PF accounts with low balance while leaving their old jobs, due to which crores of rupees are stuck in the system. Now the government has decided that all the ‘inactive’ EPFO accounts with deposits of Rs 1000 or less will be automatically refunded. The most comforting thing is that you don’t have to run to any office to get this money. The money will come automatically.

Is your account also ‘inactive’?

According to PF rules, if no new contribution is deposited in an account by the employee or the company for 36 consecutive months, i.e. 3 years, then it is considered ‘inactive’ or inactive. Currently, there are about 31.86 lakh accounts in EPFO, with a deposit of Rs 10,903 crore. The government has initially selected 7.11 lakh accounts with a balance of less than Rs 1,000. A total of Rs 30.52 crore deposited in these accounts will be directly transferred to the bank accounts of the customers.

What is the process of getting money?

The Labour Ministry has decided that no paperwork will be required for this. The money will be directly deposited in the bank accounts of account holders whose PF accounts are linked to Aadhaar cards and whose bank details (KYC) are updated. If the main account holder dies, then this money will be given to his legal heir.

When will this money be available?

This scheme has been started as a pilot project. If successful, the money will reach the remaining inactive accounts.

Under EPFO 3.0, settlement will be done within 3 days

The government is not just cleaning up old accounts, but also making the entire system “high-tech”. Some major changes are being made under the “EPFO 3.0” project. After the implementation of the new digital system, the time for settlement of PF claims will be reduced from 20 days to just 3 days.

Quick resolution of complaints

The ministry is regularly reviewing the grievances of PF subscribers. The government aims to ensure that dormant accounts with large balances are disposed of in the same manner in future as well. This step will not only clean up the legacy database of EPFO but will also help lakhs of employees get their hard-earned money back without any hassle.