A recent study reveals that many individuals tend to lose track of their old PF accounts despite changing jobs multiple times. Shockingly, there are approximately 31.87 lakh inactive EPF accounts in India, collectively holding around Rs 10,915 crore, as reported by 1 Finance Magazine. This amount has significantly increased over the years, raising concerns despite efforts to streamline the process.
Inactive EPF accounts have surged from 9.8 lakh in 2020 to nearly 31.9 lakh in 2025, marking a threefold rise in just five years. Adhil Shetty, CEO of BankBazaar, emphasizes the inefficiencies in the system due to the substantial growth in inoperative accounts.
The introduction of the Universal Account Number (UAN) in 2014 aimed to consolidate multiple PF accounts under one entity. However, there are still gaps in the system, especially for accounts created before 2014 that were not linked to a UAN. This lack of connection results in non-KYC compliant accounts that are challenging to access.
Interestingly, the study highlights that almost half of the unclaimed EPF funds are concentrated in just 0.4% of accounts, indicating that a small percentage of individuals, likely frequent job-switchers, have left behind several partially funded accounts.
To reclaim your EPF balance, ensuring your details are up to date is crucial. Shetty recommends starting by checking the EPFO member portal to verify linked accounts and complete KYC compliance. Once KYC details are updated, transferring old balances to your current account becomes more straightforward.
Given that your EPF is a significant long-term asset, it is essential not to overlook it, especially during job transitions. Regularly monitoring your EPF passbook and addressing any discrepancies promptly can help you maximize your retirement savings. Taking proactive steps today can prevent your hard-earned money from remaining idle and inaccessible.