EPFO 3.0 Update: PF claims will be settled in just 3 days, employees will get a big benefit from the new auto-settlement facility..

EPFO 3.0 Update: The Ministry of Labor has launched a major and beneficial scheme for millions of employed people in the country, which will directly increase their savings. It's often seen that when people leave their old jobs, they forget about their old PF accounts, which have little money left in them. This leaves lakhs of rupees lying unclaimed in the EPFO. Now, the government has taken a historic decision to refund the money in PF accounts with a balance of Rs. 1,000 or less that have not been used for a long time. The biggest relief is that you won't need to visit any government office to withdraw this money.

EPFO will send the money automatically
The balance in your PF account will be automatically transferred to your bank account by the EPFO. You won't need to visit any office or fill out any forms for this. Furthermore, employees will receive many other benefits under EPFO ​​3.0. Let us tell you about the major benefits available under EPFO ​​3.0.

Has your PF account also become 'inoperative'?
If your old PF account hasn't been used for a long time and has a small balance in it, it can also be considered inoperative. Now, the government is going to send the money from all such accounts directly to your bank.

What is an inoperative account?
According to strict PF rules, if a PF account does not receive any new contributions from either the employee or the company for 36 consecutive months (3 years), that account is considered 'inoperative'. The EPFO ​​has approximately 31.86 lakh inoperative accounts, with a total deposit of Rs 10,903 crore.

In the first phase of this campaign, the government has selected 7.11 lakh accounts with a balance of Rs 1,000 or less. These accounts have a total deposit of Rs 30.52 crore. Preparations are underway to send this money directly to the verified bank accounts of the customers.

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