The EPFO has introduced a new e-portal allowing members to track and consolidate old, inactive provident fund savings into their active Universal Account Number. This digital initiative aims to reduce paperwork for employees who have changed jobs. Additionally, the organization has started crediting 8.25% interest on deposits for the 2025-26 financial year.
Detailed Coverage
The Employees' Provident Fund Organisation (EPFO) has launched a new digital platform to assist subscribers in managing their retirement savings. This initiative focuses on the growing issue of inoperative provident fund accounts that members often leave behind when switching jobs. By using this portal, individuals can now trace and transfer these dormant balances directly to their currently active Universal Account Number (UAN).
Aadhaar-Linked Authentication
The new system relies on Aadhaar-based authentication to ensure security and speed. By verifying identity through this method, the EPFO aims to reduce the need for physical paperwork and manual intervention, which previously made account consolidation a slow and complex task. According to information shared by the Minister of State for Labour and Employment, Shobha Karandlaje, in the Lok Sabha, the portal is designed to provide a secure digital pathway for members to manage their historical records.
While the portal simplifies the process for many, it is important to note that the government has specified there are currently no plans to expand this service to members who have completely lost access to their old identification numbers or records. Subscribers will still need some basic details to initiate the tracking process within the system.
Service Improvements and Interest Updates
Beyond just transferring old accounts, the portal is also intended to streamline administrative tasks such as the digital submission of Joint Declarations for Know Your Customer (KYC) updates. These updates are subject to verification by the authorities to ensure data accuracy. The rollout is part of a wider modernization effort by the EPFO to shift more of its services online.
For current subscribers, the organization has also begun the process of crediting interest to member accounts. For the financial year 2025-26, the interest rate on EPF deposits has been set at 8.25%. Investors and employees should monitor their passbooks periodically to ensure that both the interest credits and any transferred balances from old accounts are correctly reflected in their updated statements.