As much as Rs 58,000 crore has been lying unclaimed with the Employees' Provident Fund Organisation (EPFO), said social security body that claims it to be the world's largest social security organisations in terms of clientele. Looking at the increasing base of unclaimed EPF amount, the Employees' Provident Fund Organisation has been asking its subscribers to either update their bank account details or complete their KYC process. This has been done to ensure that subscribers are not harried, and the amount gets credited to their account without any issue.  

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Recently, many banks have been merged and their IFSC codes have been changed The EPFO has also asked the customers of recently merged government banks to get their details updates and accounts linked to avoid facing any problem while making claims.

It is to be noted that if PF accounts are not linked with banks, a EPF subscriber cannot make online claim for transfer of their amount. Presently, there are more than 6 crore PF subscribers in the country.

The Employee Provident Fund (EPF) is a government-backed scheme that seeks compulsory deduction for salaried employees. In this fund, a certain portion of the salary is contributed by both employee and employer and is aimed at providing retirement corpus generally.  

Earlier, the EPFO has asked the employer to mandatorily link their account with Aadhaar from July, failing which the employer's contribution to the PF account holders can also be stopped.

Also, if the accounts of PF account holders are not linked with Aadhaar, then they will not be able to use other services of EPFO.