PF Withdrawl From ATM-UPI: Employees Provident Fund Organization EPFO has completed preparations to give big relief to the members and now PF money can be withdrawn not only from ATM but also through UPI.
PF Withdrawl From ATM-UPI: There is a big and relieving news for PF account holders. Actually, the Employees Provident Fund Organization i.e. EPFO is ready to provide a big facility to the members from the end of May. The special thing is that earlier there was a discussion about PF withdrawal from ATM, but the organization has told that not only ATM, PF money can be withdrawn through UPI as well. Preparations have been completed regarding this.
EPFO approved the recommendation
According to reports, the Ministry of Labor and Employment has approved the recommendation of the National Payments Corporation of India (NPCI). Ministry Secretary Sumita Dawra has shared a big update in this regard and said that EPFO members will be able to withdraw PF money through UPI and ATM by the end of May or June this year. They will be able to view their PF account balance directly on UPI and withdraw up to Rs 1 lakh if eligible, along with this they will also have the facility to transfer PF money to their preferred bank.
Auto claim service will make it easier
According to Dawra, under the new facility, claims up to Rs 1 lakh will already be automated. PF account holders will have the facility to link EPFO account to their UPI (Google Pay, PhonePe, or Paytm). Members are going to get a big relief through auto claim service, till now PF claim processing takes about 3 days, but through UPI this work can be done instantly.
‘Rules are being continuously simplified…’
Sumita Dawra, Secretary, Ministry of Labor and Employment, while explaining the facility of PF withdrawal from ATM and UPI, said that EPFO has made significant progress in digitizing all its processes, 120 databases have been collected to make PF withdrawal easy and manageable, now 95 percent of claims are automated and work is continuously going on to simplify this process further.
This facility has been given to pensioners
Dawra further said that the pensioners of the country have also benefited greatly from the recent reforms. From December 2024, about 78 lakh pensioners have been given the facility to withdraw deposits from any bank branch. He said that earlier it was limited to a few select banks, but this limit has been removed. According to the Labor Secretary, it was not easy to move forward on such reforms.
