PF Money Update: Government’s Plan to Manage Inactive EPFO Accounts

EPFO Update: Big news for EPFO members. A bunch of EPFO rules are getting updated. This change will not only simplify the process of withdrawing PF funds but also help in solving issues through a single window at the EPFO office. Union Labor and Employment Minister Mansukh Mandaviya shared this update on his official X account.

What did the minister say?

He mentioned on his previous account that in the past, people had a tough time withdrawing money from their PF accounts, often leading them to give up on those funds. But now, inactive EPFO accounts will be identified, and their KYC will be sorted out. After that, the money will be easily transferred to the EPFO subscriber’s account through a straightforward process.

No more hopping between offices

He pointed out that tackling issues related to the Employees’ Provident Fund Organization (EPFO) is becoming much easier and more straightforward. There won’t be a need to visit several offices for major EPFO-related problems anymore, as all EPFO offices nationwide are being transformed into tech-enabled, integrated service centers.

These changes will let members quickly and easily sort out their PF issues at any regional office, even if their actual account or employer is far away. This is expected to enhance convenience and service quality for EPF stakeholders. The Union Minister also mentioned that in the future, a private service provider will be set up to help EPFO subscribers, benefiting both companies and employees.

What did the minister say?

No more hopping between offices

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Sweta Mitra