EPFO to enable PF withdrawals via UPI, ATM by May-end, says labour ministry secretary

NEW DELHI: The Employees’ Provident Fund Organisation (EPFO) is ready to introduce UPI for processing claims, aiming to enhance effectivity and scale back transaction time, labour and employment secretary Sumita Dawra mentioned on Tuesday.
The Labour and Employment ministry has authorised the advice of the National Payments Corporation of India (NPCI), which operates retail funds and settlement programs in India.
Sumita Dawra, in an interview with the information company ANI, mentioned that EPFO members will quickly have the option to withdraw their provident fund by means of UPI and ATMs by the top of May or June this 12 months.
“By May-end or June, members will experience a transformative change in accessing their provident funds. They will be able to view their PF account balance directly on UPI, instantly withdraw up to Rs 1 lakh through an automated system, and choose their preferred bank account for transfers,” she mentioned.
The secretary talked about that withdrawal choices have been expanded to embrace funds for housing, training, and marriage, together with current provisions for illness.
“The EPFO has made significant strides in digitalizing its processes, integrating over 120 databases to streamline the withdrawal process. Claim processing time has been dramatically reduced to just 3 days, with 95% of claims now automated and plans to further simplify the process underway,” Dawra added.
Currently, EPFO members can not withdraw PF by means of UPI. Once launched, the declare course of is predicted to be accomplished inside hours and even minutes, in contrast to the present 2–3 days.
Just as UPI has simplified digital funds, this characteristic is predicted to make PF withdrawals simpler for members.