EPFO New Update: If you’re a PF account holder, this news is going to be very special for you. The EPFO, the organization that manages PF accounts, is offering numerous benefits. Once these facilities are implemented, account holders are set to benefit. With this EPFO facility, people won’t have to wait days to withdraw their funds.
The EPFO is preparing to introduce a major digital transformation for its millions of account holders. In the future, PF funds will be withdrawn directly through UPI, similar to Google Pay or PhonePe. The government plans to launch a new and modern mobile app for this in April.
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EPFO 3.0 Will Bring Major Changes
The Ministry of Labor is currently working on its largest reform program, EPFO 3.0. Under this initiative, the PF system is being integrated with the UPI payment gateway. It is reported that trials of this technology have already begun. The technical team is testing the system with over 100 test accounts to ensure that there are no technical issues when the app is released to the public in April. This change will not only speed up the PF withdrawal process but also make it completely transparent, giving employees immediate control over their funds.
Withdrawal Rules and Security Also Focused
The government has prioritized security with this new feature. According to the new labor code, 25 percent of the total deposit will be kept secure when withdrawing PF through UPI. This means that account holders will only be able to withdraw 75 percent of the amount. This is intended to ensure that a minimum amount of savings is always maintained for the future. The new app will not only make withdrawals easier, but also make it possible to view PF passbooks and access other account-related information instantly.
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Old Features Will Continue
While the new app and UPI system are being introduced to speed up the process, the EPFO will not discontinue its existing features. The Umang app and UAN portal will continue to function as before. Currently, PF funds are disbursed within approximately three days under the auto-settlement system, and the limit has recently been raised from ₹1 lakh to ₹5 lakh. The EPFO, which processes millions of PF claims annually, is now moving to make this process even faster and easier through UPI.
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Adarsh P
Adarsh Pal is a content writer at Timesbull Media. He specializes in writing news related to industry updates, the automotive sector, banking, telecommunications, the travel sector, and personal finance. Adarsh has previously worked with several digital media channels. He is skilled at presenting news accurately and disseminating information based on...
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