EPFO launches WhatsApp services and automatic settlement of closed accounts

The Employees' Provident Fund Organisation (EPFO) has taken important steps to further simplify rules and facilities for its crores of PF account holders. Union Minister for Labour and Employment Mansukh Mandaviya launched two major facilities on Sunday on the occasion of the 74th foundation day of EPFO. These new facilities include WhatsApp services and automatic settlement, meaning an automatic money transfer arrangement, for closed or disactive EPF accounts.

According to a Dainik Bhaskar report, PF account holders will now be able to directly avail of several facilities through EPFO's verified WhatsApp number. Under these WhatsApp services, account holders will be able to check their PF balance, get details of the last 5 transactions, and also view passbook information. In addition, personal guidance and help on WhatsApp will also be made available to meet the requirements related to the Pradhan Mantri Viksit Bharat Rozgar Yojana (PMVBRY).

According to a statement from the Ministry of Labour, the main objective of launching these WhatsApp services is to make daily and regular services accessible through a familiar mobile platform. This will significantly reduce the need for PF account holders to frequently visit EPFO offices just to obtain minor information.

On the occasion of the foundation day, the Minister also launched an automatic settlement system for eligible disactive EPF accounts. Under this system, inoperative PF accounts that have a balance of up to ₹1,000 and whose Aadhaar cards are verified will no longer require claim forms to be filled. When no new contribution comes into a PF account for 36 consecutive months or the employee does not withdraw their money after retirement, such accounts are considered 'inoperative'. According to the new rules, Aadhaar-linked accounts with a balance of up to ₹1,000 will now be settled automatically.

Giving information on how this automatic settlement process will work, it was stated that EPFO will itself initiate the settlement process for these accounts after prescribed identity and bank-account verification. Through this process, the due amount will be directly transferred to the bank accounts of genuine beneficiaries. This new arrangement is expected to benefit approximately 1 lakh PF account holders, through which a total amount of ₹5 crore will be transferred.

Talking about the current financial position of EPFO, Union Minister Mansukh Mandaviya stated that in its 74-year journey, EPFO has emerged as a reliable institution for the country's workforce. Currently, EPFO has a total corpus of ₹32 lakh crore accumulated from the contributions of over 8 crore members.

The Union Minister also issued necessary instructions to the employees and officers of EPFO. He said that EPFO is soon going to enter its 75th year. In this regard, officers should focus on new technology and innovation for employee convenience so that people can get services more easily with changing times.