The Employees’ Provident Fund Organization (EPFO) has made rules for stopping or starting accounts, and they’ve given a plan to follow.
EPFO says we need to check frozen accounts in 30 days, but if needed, we can take 14 more days to keep the money safe.
To check, you must have a Member ID or Universal Account Number (UAN). They also set a time limit for freezing accounts of businesses.
EPFO is doing this to make sure there’s no cheating or fake stuff happening.
If there’s a chance that someone might steal the money or do something wrong, they will check the account to keep the money safe.
EPFO is a big organization that takes care of over 60 lakh people by giving them social security through schemes like Employees Provident Fund Scheme, Employees Pension Scheme, and Employees Deposit Linked Insurance Scheme.
The plan they made will help make sure the accounts are real and not fake.
They will check IDs and businesses at different stages to find any suspicious accounts or transactions, so no one takes the money in a tricky way.
This plan will help check if the accounts are real and if there’s anything wrong, they can get the money back and do what’s needed.
