There is good news for crores of EPFO members. Soon PF money can be withdrawn easily through ATM and UPI. The Ministry of Labor and Employment has approved the recommendation of the National Payment Corporation of India (NPCI).
PF’s money can be withdrawn through UPI by the end of May or June
The Secretary of the Ministry of Labor and Employment made a big disclosure while talking to a news agency. He said that PF members will be able to withdraw PF money through UPI and ATMs by the end of May or June this year. The special thing is that EPFO members will be able to withdraw 1 lakh rupees. The government is fast moving towards digital on the financial front. UPI is a vibrant example of this. Which is not successful only in India. In fact, many countries around the world have adopted it. Now there is a plan to use it for many other purposes. Work on this is going on fast. According to an estimate, this system will begin in June.
Target to improve efficiency and reduce transaction time
Taking a step in the digital sector, the Employees Provident Fund Organization (EPFO) is preparing to start the UPI based claim process. With the help of which EPFO members will be able to remove their provident fund immediately. Giving information, Labor and Employment Secretary Sumita Davada said that this step is being taken with the aim of improving efficiency and reducing transactions.
Withdrawal of up to one lakh can be done.
He said that after conducting the necessary tests, we expect to launch the UPI Front & for EPFO claims by the end of May. This will benefit all the members as they will be able to see their EPFO accounts directly in the UPI interface and will be able to claim automatically. If the consumer is eligible, the approval process will be immediate, so that the money will immediately deposit in their account. Member immediately Rs. Can get it. You can withdraw up to 1000. 1 lakh rupees through the auto system and choose your favorite bank account for transfer.
New revolution will come in EPFO
Currently EPFO members have to go through the claim process which takes 2-3 days. Once UPI integration starts, the withdrawal is expected to be completed in a few hours or minutes. This facility is expected to bring revolutionary changes in the provident fund process, just as the UPI did for digital payments in India. Dawada said that apart from quick withdrawal, EPFO has also increased the scope of use of funds.
Money can also be withdrawn for education and marriage.
Members can now withdraw funds for housing, education and marriage besides existing disease provisions. To make this change possible, EPFO has made an important digital change. More than 120 databases have been integrated to simplify the claim process. And 95 percent of the claims are already automated. Its purpose is to simplify the process, which reduces paperwork and delay.
