Government to Return Dormant PF Funds Directly to Accounts: 7 Lakh Beneficiaries in Phase 1

• Central government launches initiative to return funds from dormant PF accounts, benefiting millions.
• In the first phase, funds from approximately 7 lakh accounts will be directly transferred to beneficiaries' bank accounts.
• EPFO holds ₹10,903 crore in 31.86 lakh dormant accounts, with 7.11 lakh accounts having up to ₹1,000.
• The complex claim process and small amounts led to many unclaimed funds; now simplified for direct transfer.
• Children of unorganized workers to receive additional merit scholarships up to ₹25,000, alongside welfare scholarships.