Big news! Government will send Rs 10903 crore unclaimed in PF to bank account; only they will get money
New Delhi. PF News: A big news related to PF has come out. In fact, Labor Minister Mansukh Mandaviya said that the Labor and Employment Ministry will return the unclaimed deposits (PF amount) in the non-operative accounts of the Employees Provident Fund Organization (EPFO) to its subscribers.
This initiative aims to benefit over 3.1 million (over 31 lakh) subscribers, out of which 0.7 million subscribers will be benefited in the first and pilot phase, which will be launched soon.
In whose account will the unclaimed PF money come?
EPFO currently has about 31.86 lakh non-operative accounts in which Rs 10,903 crore are deposited. Of these, about 7.11 lakh accounts have unclaimed balance of up to Rs 1,000, which is a total of Rs 30.52 crore.
The Labor Ministry said that many accounts are 20 years old and there have been no transactions in them for the last three years, due to which they have been kept in the inoperative category. The accounts selected for the pilot phase already have Aadhaar-linked bank details with EPFO, allowing the retirement fund body to directly credit the pending amount to the subscribers.
This news is being updated...
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