EPFO Benefits- Big news for EPFO members. If you are an EPF member, you will soon be able to withdraw your Provident Fund (PF) money through UPI and ATM card. Earlier, it used to take weeks to withdraw or transfer PF, now the same work will be done in a few minutes.
The Employees Provident Fund Organization (EPFO) is going to launch its new digital service EPFO 3.0 soon. There are reports from sources that this big change will be implemented in 2025 itself and it will benefit more than 8 crore employees of the country. Let us know what other new facilities will be there in EPFO 3.0 and how EPFO members will benefit from them.
Earlier EPFO 3.0 was to be launched from June 2025, but due to technical tests it has not been launched yet. IT companies like Infosys, Wipro and TCS are engaged in making it safe and reliable. The government claims that this upgrade will give new strength to India’s social security system and will further strengthen the confidence of the employees. Facilities like mobile app, digital dashboard and UPI payment will make the life of employees very easy.
How much and how can you withdraw PF money from ATM?
Till now, to withdraw money from PF ( Provident Fund), one had to fill online claim form, upload documents and then wait for approval. But after the arrival of EPFO 3.0, people will be able to withdraw the money deposited in their PF account directly through ATM, just like they withdraw from bank account. This facility will be completely digital and money will be available in it quickly and easily.
The withdrawal limit from ATM can be up to Rs 1 lakh or 50% of the total balance. To withdraw PF from ATM, your Universal Account Number (UAN) must be activated. Also, it is necessary to link your bank account and Aadhaar.
PF money can also be withdrawn through UPI
Apart from this, PF amount can also be withdrawn through UPI. Employees will be able to use their money immediately by using apps like Google Pay, PhonePe or Paytm. This will provide immediate financial help to the employees when needed. However, there will be a limit on withdrawal.
Auto-claim settlement in PF will be easy
EPFO 3.0 will provide the facility of auto-claim settlement, so that the money can be transferred directly to your account without any manual intervention. This means that you will not have to wait long to get the money after making a claim. Also, the process will be easy. In fact, in the new system, as soon as you submit an online claim request, the system will process it itself and the money will reach your bank account within the stipulated time.
Digital Correction
Now if the name, date of birth or any other information is wrong in your PF account, then there will be no need to go to the office to fill the form to correct it. Under EPFO 3.0, you will be able to do all this work yourself online, which will make the whole process even easier.
Death claim and other processes will be easy
The process of death claim will also be simplified in EPFO 3.0. Earlier, the family of the deceased member had to submit many documents for the claim. Guardianship certificate was required for the minor nominee. But now the requirement of this certificate has been abolished. This will enable families to get financial assistance quickly.
EPFO has also simplified the KYC process through Aadhaar. Employees will now be able to easily complete their KYC through their Aadhaar. This process will be fast and secure. The process of PF transfer on changing jobs has also become easier. Now this work will be done in just a few clicks.