In News:

In a significant move toward financial inclusion and digital transparency, the Employees’ Provident Fund Organisation (EPFO) is launching E-PRAAPTI (EPF Aadhaar-Based Access Portal for Tracking Inoperative Accounts). This specialized digital platform is designed to help millions of workers reclaim funds lying dormant in inoperative accounts, effectively bridging the gap between old records and the modern Universal Account Number (UAN) system.

Understanding Inoperative EPF Accounts

An EPF account is officially classified as "inoperative" under two primary conditions:

• Cessation of Contributions: When no new contributions have been made to the account for 36 consecutive months after an individual leaves their job.
• Fragmentation: When old PF records from previous employers are not linked to the current, active UAN of the member.

Since 2014, the EPFO has utilized the 12-digit UAN to ensure portability of benefits; however, a vast amount of capital remains stuck in older accounts created prior to this system or accounts that were abandoned during job transitions.

The E-PRAAPTI Mechanism: Aadhaar-Based Reclamation

The E-PRAAPTI portal serves as a dedicated "track and link" engine. It simplifies a previously cumbersome manual process through a streamlined, secure digital interface:

• Aadhaar-Based Authentication: The portal uses Aadhaar to verify the identity of the member, ensuring that the rightful owner is accessing the funds.
• Identification and Tracking: It allows members to securely search for and identify old accounts that are currently detached from their UAN.
• Profile Updating and Activation: Once identified, members can initiate a process to update their profiles and link these old accounts to their current UAN, thereby "activating" the dormant funds.

Phased Rollout Strategy

To ensure security and administrative efficiency, the EPFO has planned a tiered launch for E-PRAAPTI:

1. Initial Phase (Member ID-Based): In the first stage, the portal will cater to members who possess their Old Member IDs. This allows for a swift rollout for the segment of the workforce that has retained their previous employment documentation.
2. Expansion Phase: The scope will eventually be broadened to assist members who have lost or cannot recall their old member IDs. This phase will likely utilize advanced search parameters based on demographic data and Aadhaar history.