EPFO Update: Until now, to withdraw PF funds, employees were required to complete only the application and verification processes. However, in these changing times, EPFO’s new UPI-based facility is poised to significantly transform this system. The Central Government has already completed all necessary technical work regarding this initiative.
It is soon set to give the green signal for the process of withdrawing funds via UPI and ATMs. But are you aware that to take advantage of this technological shift, you, too, must complete certain essential tasks?
Incidentally, EPFO has already launched an auto-settlement facility for eligible claims of up to ₹5 lakh. This has significantly accelerated the pace of claim settlements. Once the new system is implemented, employees will be able to access funds much faster during times of emergency.
Check the Status of Your UAN Account
According to experts, the very first step—checking the status of your Universal Account Number (UAN)—is absolutely crucial. Many employees face distress when they suddenly require funds but are unable to log in to their accounts. Forgetting passwords or changing mobile numbers are common issues that arise.
Therefore, it is essential to ensure right now that your UAN is active and that all information linked to it is accurate. In the future, this very account will serve as the primary gateway for accessing your PF funds.
Personal Information Must Be Accurate
Furthermore, the name, date of birth, and other personal details recorded in EPFO records must match exactly with the information listed in your Aadhaar, PAN, and employer records. Often, even minor discrepancies in the spelling of a name can hinder the verification process. Experts advise that it is essential to verify all KYC documents before the UPI-based withdrawal facility goes live.
Keep Bank Account, Mobile Number, and UPI ID Updated
While the new facility will certainly utilise UPI, the bank account will remain the backbone of the entire process. Employees must verify whether the bank account number, IFSC code, and account holder details registered in their EPFO account are accurate.
Additionally, the mobile number linked to your Aadhaar, the mobile number registered with your UAN, and the number linked to your UPI ID must all be active. If the UPI ID is linked to an incorrect account or the mobile number has become inactive, you may encounter issues during the withdrawal process.
