PF Money: There is significant and comforting news for PF account holders. In fact, the Employees Provident Fund Organization, or EPFO, is set to offer a significant benefit to its members starting at the end of May.
Withdraw PF money through UPI
The unique aspect is that there was previously a conversation regarding PF withdrawal from ATMs, but the organization has stated that PF funds can be withdrawn through UPI too, not just ATMs. Arrangements have been finalized concerning this. As per reports, the Ministry of Labor and Employment has sanctioned the suggestion made by the National Payments Corporation of India (NPCI). The Ministry’s Secretary, Sumita Dawra, has provided an important update on this matter, stating that EPFO members will have the option to withdraw PF money via UPI and ATMs by late May or June of this year.
They can directly view their PF account balance on UPI and withdraw up to Rs 1 lakh if qualified; additionally, they will have the option to transfer PF funds to their selected bank. As per Dawra, with the new facility, claims up to Rs 1 lakh will be automated already. PF account holders will have the option to connect their EPFO account to UPI (Google Pay, PhonePe, or Paytm). Members will experience significant relief with the auto claim service; previously, processing a PF claim took around 3 days, but with UPI, this can be completed instantly.
Describing the convenience of PF withdrawal via ATM and UPI, Secretary of the Ministry of Labor and Employment, Sumita Dawra, stated that EPFO has advanced significantly in digitizing its operations, collecting 120 databases to streamline PF withdrawals, with 95 percent of claims now automated, and efforts are ongoing to enhance this process even more.