Home / Business and Economy / Unclaimed EPF Funds to Be Returned to Millions
Unclaimed EPF Funds to Be Returned to Millions
23 Feb
Summary
- Over 3.1 million subscribers to receive unclaimed EPF deposits.
- Pilot phase will benefit 0.7 million subscribers soon.
- New scholarships up to Rs 25,000 for unorganised workers' children.
The Ministry of Labour and Employment is set to return unclaimed deposits from inoperative Employees' Provident Fund Organisation (EPFO) accounts to over 3.1 million subscribers. A pilot phase is expected to commence soon, which will benefit approximately 0.7 million individuals.
EPFO currently holds unclaimed amounts totaling Rs 10,903 crore across an estimated 31.86 lakh inoperative accounts. The initial phase will focus on 0.7 million accounts where Aadhar and bank details are linked, allowing for direct credit of dues.
In a related development, the government's labour welfare scheme for unorganised workers' children will now include a merit-based scholarship of up to Rs 25,000. This is in addition to existing welfare-based financial assistance for education.
The amended scheme guidelines will allow eligible students to receive both welfare-based and merit-based scholarships. This year, 0.16 million candidates have received welfare-based financial assistance amounting to Rs 77.9 crore.
