New Delhi, March 26 (IANS). Employees Provident Fund Organization (EPFO) is going to make a major change by late May or early June 2025. With this new change, members of EPFO will be able to immediately take out their provident fund (PF) through UPI and ATM.
With this update, employees will no longer have to go through long and time -taking procedures to reach their PF savings.
This initiative is being implemented in collaboration with the Ministry of Labor and Employment and has received approval from the National Payment Corporation of India (NPCI).
With this step, millions of EPFO members across the country are expected to get better facilities than before.
Sumita Davra, Secretary, Ministry of Labor and Employment, said that employees will be able to withdraw up to Rs 1 lakh immediately.
He informed that members will be able to see their PF balance directly on the UPI platform and will be able to transfer funds to their favorite bank accounts without any delay.
This will make it easier for employees to access their money at the time of need.
Currently, to remove PF funds, one needs to submit online claims and wait for approval, which may take several days or weeks.
However, with UPI Integration, the withdrawal will be immediate and trouble free.
Employees will not only be able to withdraw money quickly, but will also be able to check their remaining amount and will also be able to do transactions immediately.
In addition, EPFO is also expanding the reasons for its members to extract PF savings.
Apart from medical emergency conditions, employees will now be able to withdraw money for housing, education and marriage.
Davra said, “EPFO has made a major improvement in its digital infrastructure by integrating more than 120 databases. These efforts have reduced the claim processing time for only three days, now 95 percent claims are being automatically processed. The system is working further to make the system more efficient.”
Pensioners have also benefited from the digital initiatives of EPFO. From December 2024, about 78 lakh pensioners have been able to use their funds from any bank branch without any restriction.
Earlier, withdrawal was allowed from only specific bank branches.
-IANS
SKT/ABM
