EPFO 3.0 Update: Big news is coming out for about 7 crore account holders of the Employees Provident Fund Organisation (EPFO). EPFO subscribers will soon be able to withdraw their money from their provident fund through UPI apps and EPF-linked ATMs under the upcoming EPFO 3.0 digital platform. According to media reports, the facility could be launched by the end of June.
Earlier, Union Labour Minister Mansukh Mandaviya had also said that the announcement would be made soon.
The testing of the new facility, developed in partnership with the National Payments Corporation of India (NPCI), has already been completed. According to sources, users will be able to withdraw up to 75 per cent of their EPF balance into bank accounts via UPI and UPI-enabled ATMs.
Employment Minister Mansukh Mandaviya recently said that the testing of EPFO 3.0 has been completed. Final preparations are now underway for its launch. However, no official date has been announced yet.
How will I get money from UPI and ATM?
After the implementation of EPFO 3.0, members will be able to transfer the eligible PF amount directly to their Aadhaar-linked bank account. Both UPI and ATM options will be available for this. Currently, PF withdrawals must go through an online application and verification process.
This update from the Ministry of Labour
The facility to withdraw PF money via ATMs and UPI has reached the final stage, and the scheme can be launched before the end of June. It adds that the new plan will start as soon as the 2.01 server starts. Money can be transferred directly from the PF account to a bank account via UPI and then withdrawn from an ATM card.
How much will the UPI limit be?
The withdrawal limit through ATMs or UPI can be capped at 50% of the customer’s total PF balance. To avail this facility, members will need a UAN linked to Aadhaar, a PAN card, bank account details, and an IFSC code.
Activation of the Universal Account Number is the most important condition for linking the PF account to UPI. It will also be mandatory for the member’s Aadhaar, bank account and PAN to be linked to the UAN. The mobile number should also be linked to Aadhaar and a bank account. Only then will it be on OTP based verification.
When will the full amount of PF be released?
The entire PF amount can be withdrawn upon retirement at age 55. In addition, full PF can be withdrawn in cases like disability, retrenchment, self-retirement, and permanent transfer abroad.
EPFO 3.0 will offer not only the withdrawal facility but also many other digital services. These will also include face authentication through the UMANG app, instant UAN activation, easy access to passbooks, and improvements to Aadhaar-linked records. Overall, EPFO 3.0 could prove to be a big step towards making PF management easier, faster and more transparent for crores of employees.