The scheme's aim is to help employees consolidate past PF accounts, with the help of EPF authorities
This Labour Day, the Employees’ Provident Fund Organisation (EPFO) launched a new facility, One employee-one EPF account, to help employees consolidate their past EPF accounts. They can do this by transferring their money from the previous accounts into the current EPF account that’s linked to the Universal Account Number (UAN). This effort will not only consolidate EPF accounts, but will also bring relief to employees who have multiple accounts. “We have about 150 million EPF accounts, of which only 40 million are active. About 90 million are inoperative accounts, and the rest are on their way to becoming inoperative," said V.P. Joy, central provident fund commissioner, EPFO. “EPF is a long-term social security scheme and so employees need to have a single account that can be kept through the course of their working life. The drive will help us de-duplicate the multiple accounts," he added.