EPFO: Big update for EPFO members. The Employees’ Provident Fund Organization (EPFO) is actively working to make the claim settlement process easier for its members. Soon, PF withdrawals through ATM and UPI will also be available. In addition to this, a significant change regarding retirement funds is on the horizon. According to the latest update, the final PF fund settlement process is being automated, which will expedite the transfer of PF funds to bank accounts post-retirement.
At present, EPFO only processes partial or advanced claims up to ₹5 lakh through an automated system, with a three-day turnaround from the claim filing date. The advantage of this new EPFO change is that members will no longer have to endure long waits to access their full PF balance after leaving a job.
EPFO Commissioner’s statement
As per report, a senior official from EPFO has indicated that this change will be rolled out soon. With over 7 crore members, this update will be significant news for them. During the ASSOCHAM National Seminar on the New Labor Code, EPFO’s Central Provident Fund Commissioner Ramesh Krishnamurthy stated, “We are aiming to implement automated settlement wherever possible. Previously, this service was limited to advanced withdrawals, but we will soon extend the automated process to final PF settlements as well.”
No form needed for this work
Krishnamurthy also mentioned that EPFO is introducing a feature for automatic settlement and transfer of PF accounts when a member changes jobs. He noted that there will be no need to fill out any forms for this process. We are working on automatically transferring your accounts to your new member account.
According to the EPFO Commissioner, under the new legal framework, three schemes—EPF Scheme 1952, Employees’ Deposit Insurance Scheme 1976, and Employees’ Pension Scheme 1995—will also be re-notified.
He said, “We haven’t made any major changes, but have tried to incorporate all the lessons learned from the past. We have incorporated all the decisions recently approved by the Central Board of Trustees, including improvements to simplify PF withdrawals and other reforms. These have been incorporated into the new schemes.”
No injustice to workers
Speaking on the occasion, Union Labor Secretary Vandana Gurnani said that the government’s principle is to ensure that workers are not subjected to any form of injustice. It is now the industry’s responsibility to view reforms not simply as a compliance checklist, but as a commitment to a happy, healthy, and productive workforce.
PF withdrawals via ATM and UPI will also be available soon
It’s worth noting that another major update regarding the EPFO was recently released. According to the information regarding PF withdrawals via ATM and UPI, EPFO members will soon be able to withdraw their provident fund funds directly through ATMs and UPI. This facility is expected to be available by the end of May. According to a report, this feature is part of the EPFO-3.0 upgrade. Under the new system, the EPFO may issue new ATM cards, allowing users to withdraw funds without any documentation or office visits.