Labor and Employment Secretary Sumita Devra said on Tuesday that the Labor and Employment Ministry has approved the National Payment Corporation of India (NPCI)’s recommendation to allow PF withdrawal through UPI.
New Delhi: About 7 crore members of the pension body Employees’ Provident Fund Organization (EPFO) are going to get a big relief soon. Actually, the Employees’ Provident Fund Organization will soon start the facility of withdrawing funds through Unified Payment Interface (UPI) and ATM. EPFO is already working on both these facilities. After the introduction of both these features, there will be improvement in labor and claim process, efficiency and reduction in the time taken in transactions.
When will the facility start?
Labor and Employment Secretary Sumita Devra said on Tuesday that the Ministry of Labor and Employment has approved the recommendation of the National Payment Corporation of India (NPCI), which is the retail payment and settlement system in India. The secretary said in an interview to news agency ANI that EPFO members will be able to withdraw their provident fund through UPI and ATM from the end of May or beginning of June this year.
Payment of up to Rs 1 lakh will be done in minutes
He said in his statement, from the end of May or June, members will experience a transformative change in the access to their provident fund. They will be able to view their PF account balance through UPI and will also be able to pay Rs 1 lakh instantly under an automated system. Apart from this, he further said that they will also be able to choose their selected bank account for transfer. He further said in this interview that the withdrawal option has been further expanded for education, funds for home, marriage.
95% claims automated
He further said that EPFO has made several important changes to digitize its process. It has integrated more than 120 databases to simplify the withdrawal process. The claim process has come down to just 3 days. With this, now 95 percent of the claims have been automated and work is being done to make it even easier.
7 crore members will get big relief
Let us tell you that at present, the members of the Employees Provident Fund Organization (EPFO) cannot withdraw PF money through UPI or ATM. If this facility is started once, then the time taken for PF withdrawal of 2-3 days will be reduced to a few hours or minutes. This will give a big relief to 7 crore members.
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