Currently, to withdraw PF money, one has to submit a claim online and then wait for approval. This can take several days or even weeks. UPI integration will make fund withdrawal instant and hassle-free.
Employees will soon be able to withdraw their EPF (Employees Provident Fund) money through UPI and ATM. According to an IANS report, the Employees Provident Fund Organization (EPFO) may provide this facility by the end of May this year or early June 2025. In this case, employees will not have to go through long processes to access their PF savings. This initiative is being implemented with the support of the Ministry of Labor and Employment and has received approval from the National Payments Corporation of India (NPCI).
This move will benefit millions of EPFO members across the country. According to IANS, Sumita Dawra, Secretary, Ministry of Labor and Employment, says that employees will be able to withdraw up to Rs 1 lakh instantly. He told that EPFO members will be able to check their PF balance directly on the UPI platform and transfer funds to the bank accounts of their choice without any delay. This will make it easier for employees to access their money in times of need.
Currently, to withdraw PF money, one has to submit a claim online and then wait for approval. This can take several days or even weeks. UPI integration will make fund withdrawal instant and hassle-free.
EPFO is also increasing the reasons for withdrawing PF before retirement
Apart from this facility, EPFO is also increasing the reasons on the basis of which members or employees can withdraw their PF savings. Apart from medical emergency, PF money can be withdrawn before retirement for buying or building a house, repayment of home loan, children’s education after 10th, marriage, unemployment, purchase of equipment in case of physically handicapped members, property damage due to natural disaster, for investment in Senior Pension Insurance Scheme and during one year before retirement. But not completely
EPFO integrates more than 120 databases
Dawra also said that EPFO has made major improvements in its digital infrastructure by integrating more than 120 databases. These efforts have reduced the claim processing time to 3 days. Now 95 percent of claims are being processed automatically. Further upgrades are also in progress to make the system more efficient.
