Overview
- Phase one targets about 7.11 lakh inoperative EPF accounts with balances up to Rs 1,000, totaling roughly Rs 30.52 crore.
- Beneficiaries will not file claims or submit documents; EPFO will facilitate Aadhaar seeding where needed for direct transfers.
- Official data show 31.86 lakh inoperative EPFO accounts hold around Rs 10,903 crore, underscoring the cleanup’s potential scale.
- Some outlets, citing government sources, report the pilot may credit about Rs 650 crore to nearly six lakh accounts within a month, a figure not formally confirmed.
- The ministry signaled phased expansion beyond Rs 1,000 after the pilot and paired the move with rule changes allowing merit-based scholarship top-ups for eligible students.