The Ministry of Labour and Employment has decided to refund money of the inoperative Employees’ Provident Fund Organisation (EPFO) accounts subscribers who are having balance of upto one thousand rupees. The Ministry said that the amount will be directly transferred to the subscriber’s Aadhar-linked bank account. It added that beneficiaries will not need to file any claim or submit documents to initiate the refund process.
An EPFO account becomes inactive if there has been no contribution or transaction for three consecutive years. Currently, there are more than six lakh inoperative accounts that have a balance of up to one thousand rupees.
