PF Balance: You left your previous job and started a new one… but what happened to your old PF account? Years later, you can’t recall your UAN, and you have no way to contact your former employer. As a result, your hard-earned funds remain unclaimed. Fortunately, a solution is on the way to alleviate this significant issue. The Employees’ Provident Fund Organisation is set to introduce a new portal, E-PRAAPTI, as announced by Union Minister Mansukh Mandaviya.
Here’s a quick overview in 5 points:
New Portal: E-PRAAPTI
Purpose: To locate old or closed PF accounts
Operations can proceed without UAN (using Aadhaar)
Simple money transfer to a new UAN
The entire procedure is online and paperless.
Why is this news significant?
Because the PF funds of countless individuals have been stuck for years, and now retrieving them will be much simpler.
What is E-PRAAPTI?
In simple terms, E-PRAAPTI is a PF search engine.
It will help you locate your old, forgotten PF accounts and assist in activating them.
Can you access funds without a UAN?
Absolutely, that’s its most notable feature.
This portal will utilize Aadhaar.
You can find your old PF account using just your Aadhaar number.
So, forgetting your UAN is no longer an issue.
How will the old account connect to the new one?
Once the old account is located, You will update your profile And link it to your current UAN. The whole process is online and straightforward.
PF money can be withdrawn from ATM soon
Prime Minister Narendra Modi is expected to launch several benefits for EPFO members as part of events marking the second anniversary of his third term. These include benefits including instant claim withdrawals through UPI and ATMs. The EPFO is developing a centralized, IT-enabled system under EPFO 2.01 to upgrade its system. Modi was sworn in as Prime Minister for his third term on June 9, 2024. Under EPFO 2.01, members will be able to receive their claim amount instantly in their bank account through UPI and then withdraw it from any ATM. Due to the centralized system, members will be able to get their EPFO related work done, including claim settlement, from any office in the country.
It should be noted that during this transition, the existing system may be temporarily shut down to transition to the new platform. Furthermore, the organization plans to automatically settle small accounts to address the problem of inactive accounts, especially those with balances of Rs 1,000 or less. It’s worth noting that dormant accounts are those that don’t receive any contributions after a certain period of time. Generally, an account is considered dormant after the age of 55 or after retirement if there are no deposits for three years. However, in cases under 55, interest continues to accrue until the age of 58.
