Currently, both the employee and the employer contribute 12 per cent of the employee’s basic salary, DA and any retaining allowances to the EPF. The employee’s contribution is allocated to the EPF while the employer’s contribution is split as 3.67 per cent to the EPF and 8.33 per cent to the EPS.
EPFO PF Withdrawal ATM/UPI: There is good news for the employees-account holders of the Employees’ Provident Fund Organization. Now there is no need to worry about withdrawing money from the PF account, soon new software is going to be prepared, which will make the process easier. After this, EPFO subscribers will be able to withdraw money from their PF account directly through UPI and ATM.
According to the information, the central government is planning to make EPF withdrawal easier. Under this, subscribers will be able to withdraw money from their PF account through a digital wallet due to the integration of EPF with UPI. The blue print of this scheme has been prepared and talks are going on with the National Payments Corporation of India (NPCI) to implement this facility. If everything goes according to plan, this facility can go live on the UPI platform in the next 2-3 months.
You will be able to withdraw PF money easily
According to media reports, after UPI integration, EPFO members will be able to receive their claimed amount directly in their digital wallet, which will make the withdrawal process fast and easy. It is estimated that this plan can be implemented by May-June 2025 next year. However, the employer’s contribution will be determined on the basis of the employee’s salary, so that there will be no additional financial burden on the employer. After starting this facility, once registered, employees can easily get the claim amount through digital wallet.
EPFO: You can withdraw PF money through ATM/UPI
The EPF withdrawal process, which currently takes about 7 days, will be completed in a few hours after UPI integration. The chances of claim rejection will be reduced and there will be more transparency in transactions. Apart from this, under the EPFO 3.0 program, EPFO will also provide ATM withdrawal facility for its members. The ATM card will work exactly like a debit card, to withdraw money you will first have to link your UAN, verify OTP and then withdraw cash.
