Every working employee needs to stay updated about the latest changes related to the Employees’ Provident Fund Organisation (EPFO).
If you have an EPF account and have been saving money for your future, ignoring these updates could put your hard-earned funds at risk.
EPFO to Recover Long-Inactive PF Accounts
There are millions of EPF accounts in the country that have remained inactive for years, with money lying unused.
Union Labour and Employment Minister Mansukh Mandaviya has announced that EPFO will launch a mission-mode campaign to identify and recover these accounts.
As part of this drive, EPFO will verify the KYC details of account holders.
A dedicated digital platform will be introduced to track accounts that are no longer operational.
KYC Verification Is Now Mandatory
Through this new system, EPFO will identify closed or inactive accounts and trace the rightful account holders or their legal heirs.
This will help return the pending balance safely.
However, if the required KYC verification is not completed, account holders may lose the entire amount lying in their EPF accounts.
This makes it essential for employees to update and verify their details on time.
PF Benefits for Employees Returning from Abroad
The minister also shared that social security agreements are being expanded with other countries, similar to the existing agreement between India and the UK.
Under these agreements, Indian employees working abroad will not lose their PF contributions if they return to India.
Their overseas PF savings can still be claimed, ensuring their money remains protected.
EPFO Offices Going Fully Digital
EPFO is also focusing on modernising its offices using digital technology.
Trials of this new digital system have already started in Delhi.
Once implemented, employees will not need to visit EPFO offices repeatedly for claims or complaints.
Most services will be available online, making it easier for employees to stay connected with EPFO and resolve issues quickly.
These changes aim to secure employees’ retirement savings and make EPFO services more efficient and user-friendly.
