Summary of this article
The EPFO has launched the E-PRAAPTI portal to help members trace and reclaim money lying in old, dormant EPF accounts.
The portal is especially useful for accounts opened before the UAN system came into force in 2014.
The portal uses Aadhaar-based authentication, where members can identify forgotten accounts, link to their current UAN, and reactivate them.
The Employees’ Provident Fund Organisation (EPFO) has launched a specialised Web portal, E-PRAAPTI, to help EPF subscribers find their lost and unclaimed Provident Fund amount. This portal has been designed to help members track, activate, and recover their funds from old and inoperative EPF accounts. EPF accounts are often rendered dormant during job changes and end up left untracked and forgotten.
The portal name signifies what it is aimed for: Employee Provident Fund Aadhaar-Based Access Portal for Tracking Inoperative Accounts (E-PRAAPTI).
Similar to the old bank accounts, forgotten shares and mutual funds, and lost insurance policies, for which there are different Web portals to help users find out if any lost investment or money lying unclaimed, E-PRAAPTI offers a tracking feature to track funds in an EPF account that were opened before the Universal Account Number (UAN) system was introduced in 2014.
Aadhaar-Based Identification
The portal uses an Aadhaar-based authentication mechanism to allow EPFO members to access their old accounts, even if they don’t have a UAN. Under this system, once a member is identified in the system, the portal enables users to link their old IDs to their current UAN. After linking their old account with the UAN, members can request reactivation of that account and update their personal details in the profile.
EPFO is opting for a phased rollout to ensure efficiency and security of such accounts. In the first phase, EPFO members will need their member ID to start the identification process. Later, the scope will be expanded to include members who don’t have their old member IDs.
According to Union Labour and Employment Minister Mansukh Mandaviya, the online platform is expected to reduce manual intervention and require minimal documentation to reclaim the funds in old EPF accounts. Thus, by improving the transparency and direct access to the members, the portal aims to boost financial inclusion for retirees and senior professionals.
The EPFO is also set to roll out auto-settlement of retirement fund withdrawal and migration of funds from old to the new employer when an employee switches jobs. In addition to this, it is also expected to launch ATM and Unified Payments Interface (UPI)-based partial withdrawal from the EPF account. Under the EPFO 3.0 initiative, the ATM based withdrawal was envisaged, which is expected to be implemented soon. The overall purpose is to leverage technology, improve transparency, reduce operational and administrative burden, and overall enhance members’ experience.
FAQs
What is the main purpose of the E-PRAAPTI portal?
The portal is designed for members to track and recover their old or inoperative EPF accounts, even if they do not have a Universal Account Number (UAN).
How does the portal verify a member's identity?
E-PRAAPTI uses an Aadhaar-based authentication mechanism, under which members can securely access their accounts and link them to their current EPF profiles.
What happens if a member does not have an old member ID?
While the initial phase requires members to have their old member ID, later phases of the portal are planned to include members, such members who cannot recall or access their old identification numbers.
