Crores of beneficiaries of the Employees' Provident Fund Organization or EPFO are going to get great ease. Yes, the government is now going to make the method of withdrawing money from EPF easier. Its beneficiaries will now be able to withdraw their money instantly through UPI. For this, EPFO is in talks with NPCI.
Highlights
- Now you can withdraw your PF money through UPI as well
- The government is starting such a system this year.
- With this, PF subscribers will get their money immediately.
You can withdraw PF money from ATM and Paytm as well, arrangements are being made to withdraw it through UPI
New Delhi : More than seven crore subscribers or beneficiaries of the Employees' Provident Fund Organization (EPFO) are going to get a big relief. The government is now making such arrangements that the beneficiaries can withdraw their money through UPI while sitting at home. This arrangement is being made because many times employees face problems in withdrawing PF amount. Their claims get rejected.
One out of three claims are not received
In the year 2024, EPFO released the EPF final settlement claims report. This was for the year 2023. This report states that one out of every three final settlement claims claimed in EPFO was not passed but denied. Therefore, the government is planning to start EPF withdrawal through UPI. This will make the process easier and faster.
Money will be credited to your account immediately
With this new method, EPF members will be able to withdraw money instantly using UPI platforms like GPay, PhonePe and Paytm. According to a report by the Financial Times, the Employees' Provident Fund Organization (EPFO) is in talks with the National Payment Corporation of India (NPCI) to launch this facility. The scheme may start by May or June 2025.
Many features are being launched
Union Labor Minister Mansukh Mandaviya had said in January this year that the EPFO 3.0 initiative, which also includes ATM withdrawals, will be implemented by June this year. Many more facilities will be available through EPFO 3.0. If seen, there will be many benefits of EPF withdrawal through UPI. This will provide instant access to money. Currently, EPF withdrawal takes 23 days, but with UPI it will be done in just a few minutes. This new process will be more transparent. And will make the withdrawal process very easy.
Ease to the needy
This facility will be especially beneficial for those who need money urgently. Suppose you need money in a medical emergency, then you will be able to withdraw money from your EPF immediately. This will save you from having to ask for a loan from anyone. Or if you have to make a big purchase, then you can easily withdraw money from your EPF. This facility will prove to be a boon for you.
