Millions of workers may soon get access to money they had almost forgotten about.
The Ministry of Labour and Employment has announced a major plan to return unclaimed money from inactive Employees’ Provident Fund Organisation (EPFO) accounts to their rightful owners.
This move could bring relief to more than 31 lakh account holders across the country.
Why So Many EPFO Accounts Became Inactive
Over the years, many EPFO accounts turned inoperative.
This usually happened when there were no transactions for a long time.
In many cases, the balance was small, and workers felt the paperwork required to withdraw the money was too complicated.
As a result, thousands of crores remained locked in dormant accounts.
According to officials, the total amount lying in such inactive accounts has crossed ₹10,900 crore.
Now, the government wants to make sure that this money goes back to the workers who earned it.
How the New Plan Will Work
The initiative will be rolled out in phases.
In the first pilot phase, around 7 lakh subscribers will benefit.
These are account holders whose details, including Aadhaar-linked bank accounts, are already verified and ready for direct transfer.
Eventually, more than 31 lakh EPFO subscribers are expected to receive their unclaimed funds.
The aim is to simplify the process and reduce the need for complicated claims and paperwork.
Labour Minister Mansukh Mandaviya said the goal is to ensure workers get the money they are legally entitled to without unnecessary hurdles.
Extra Boost for Workers’ Families
Along with returning unclaimed deposits, the ministry is also improving support for children of unorganised workers.
The scholarship scheme will now include merit-based awards of up to ₹25,000.
This will be in addition to existing educational assistance.
The move is expected to improve access to education and create better opportunities for families in the unorganised sector.
With thousands of crores set to be returned and additional support for education, this initiative could make a meaningful difference in the lives of millions of workers and their families.
