Employees’ Provident Fund Organisation (EPFO) subscribers will be able to get their PF money directly into their bank accounts through a new mobile application using the UPI payment gateway, which will be launched in April this year. Top sources said that the Labour Ministry is working on a project that will secure a certain portion of the EPF, while a larger portion will be available for withdrawal through a bank account using the Unified Payments Interface (UPI).
Sources said that since EPFO does not have a banking license, it cannot allow its members to withdraw money directly from their EPF accounts. However, the government wants EPFO’s services to be on par with banks, so as to ensure faster, safer and more convenient services for members.
EPFO’s new mobile appThe source also said that EPFO will launch a new mobile app through which members can withdraw funds using the UPI gateway, along with other services like passbook balance. Currently, members use the Universal Account Number (UAN) portal or the ‘Umang’ app to access their EPF account and avail services.
These services will be available on both the platforms, while the new dedicated app will improve access and delivery of services to EPFO subscribers. The source said that subscribers will be able to check their eligible EPF balance available for transfer to their bank accounts through the mobile app.
The latest updated EPFO balance can be checked. They will be allowed to use their UPI PIN to complete the transaction, which will ensure secure transfer of funds to their bank accounts. Currently, settlement claims are settled within three days.
According to sources, EPFO is currently running tests on 100 dummy accounts to eliminate any technical glitches and improve the system’s functionality. Currently, members have to file withdrawal claims to withdraw their EPF funds, which is a time-consuming process. However, under the auto-settlement system, claims are settled within three days without any manual intervention.
The limit of this system has already been increased from Rs 1 lakh to Rs 5 lakh. This facility allows a large number of members to access their PF funds within three days for purposes like illness, education, marriage and housing.
EPFO had launched the online auto-settlement system for the first time to provide quick assistance to people facing financial hardship during the COVID-19 pandemic.
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