Business Desk – EPFO New Rules: Employees Provident Fund Organization (EPFO) has started two big facilities for crores of its PF account holders. Now employees will be able to get information about their PF balance, passbook and last 5 transactions through WhatsApp.
Apart from this, in inactive EPF accounts which have deposits up to Rs 1,000 and are Aadhaar verified, their money will be transferred directly to the bank account without filling the claim form.
Union Labor and Employment Minister Mansukh Mandaviya launched both these facilities on the 74th foundation day of EPFO on Sunday. Their objective is to make PF related services easier and to send the money stuck in old accounts to the right account holders. Let us understand in the questions and answers how we will benefit from these new features.
Important things related to EPFO’s WhatsApp service
Question: What new features has EPFO started on WhatsApp?
Answer: Now PF account holders will be able to get many important information directly on their mobile through EPFO’s verified WhatsApp number 8796441800.
This includes checking PF balance, getting information about last 5 transactions and viewing passbook details. Apart from this, personal guidance and help will also be provided on WhatsApp for the needs related to Pradhan Mantri Vikas Bharat Rojgar Yojana (PMVBRY).
Question: What is the main objective of starting WhatsApp service?
Answer: According to the Labor Ministry, the purpose of this facility is to make everyday services related to PF available on a mobile platform which is already used by most of the people.
This will reduce the need for employees to visit the EPFO office for small information like balance or transactions. They will be able to get necessary information from their mobile while sitting at home.
Money from inactive PF accounts will be transferred automatically
Question: Which new facility has been started for inactive EPF accounts?
Answer: EPFO has started the facility of automatic settlement of eligible inoperative PF accounts.
Under this, account holders in whose accounts the balance is up to Rs 1,000 and whose Aadhaar is verified, will not need to fill the claim form to withdraw the money. EPFO itself will identify such accounts and start the settlement process.
Question: How will the automatic settlement process work?
Answer: In this system EPFO will first identify the eligible accounts. After this, identification of the account holder and verification of the bank account will be done. After all necessary checks are completed, the amount remaining in the account will be transferred directly to the bank account of the person concerned. This means that eligible account holders will not need to make a separate claim and complete the paperwork to withdraw their money.
Question: How many people will benefit from automatic settlement?
Answer: About 1 lakh PF account holders are expected to benefit from this new facility. The total amount of about Rs 5 crore deposited in their accounts will be transferred directly to the bank accounts. With this, money from small balance accounts lying dormant for a long time will be able to reach their rightful owners.
How big a fund does EPFO have?
Question: How much corpus does EPFO currently have and how many members are associated?
Answer: According to Union Minister Mansukh Mandaviya, EPFO in its 74 years of journey has emerged as a trustworthy institution for the employees of the country.
At present the organization has a total corpus of about Rs 32 lakh crore accumulated from the contributions of more than 8 crore members. This shows the important role of EPFO in social security of organized sector employees of the country.
Question: What instructions did the Union Minister give to EPFO officials?
Answer: Mansukh Mandaviya said that EPFO is soon going to enter its 75th year. In such a situation, the organization should focus on new technology and innovation to improve the facilities of the employees. He stressed upon the officials to simplify the services and improve the system according to the changing needs.
How will PF account holders benefit from the new facilities?
The new facilities of EPFO will save time of the employees and they will not have to visit offices for small information.
By getting information about balance, passbook and last 5 transactions through WhatsApp, it will be easy to keep an eye on the transactions taking place in the PF account. And through automatic settlement, eligible inactive account holders will be able to get their remaining money without claiming.
What are inoperative PF accounts?
When there is no new contribution in a PF account for 36 consecutive months, it can be considered as inoperative account. Many times, after changing jobs or retirement, employees do not withdraw the amount deposited in their old PF account.
In such a situation, the money remains lying in the account. Now EPFO has launched the facility of automatic settlement for eligible and Aadhaar verified inoperative accounts with balance up to Rs 1,000. This will make it easier to withdraw small amounts stuck in old accounts.