The Ministry of Labour and Employment has approved a pilot project to automatically refund money from small-balance inoperative EPFO accounts.
An EPFO account is classified as inoperative if there has been no contribution or transaction for three consecutive years.
The Employees’ Provident Fund Organisation has begun returning Rs 30.52 crore to 7.11 lakh dormant accounts with balances up to Rs 1,000. This pilot phase, part of a larger initiative to close ...