Do you know,that the Employees Provident Fund Organization (EPFO) is going to bring a big change in the way of withdrawing PF? Now PF withdrawal will be very easy,like withdrawing money from an ATM or UPI.
Union Labour Minister Mansukh Mandaviya has announced that under EPFO 3.0,now PF withdrawal will be possible through ATM and UPI. With this new facility,employees will get rid of employer approval and long processes,and PF withdrawal will become as simple as withdrawing money from the bank account.
PF withdrawal from ATM
EPFO’s new system will be ATM-supported,allowing employees to verify their identity with a UAN (Universal Account Number) or linked bank account.
Keeping security in mind,OTP verification and multi-factor authentication will be implemented.
Special PF ATM cards will be issued soon,making it possible to withdraw PF directly from ATMs.
This information will be released soon on which ATMs this facility will be available.
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PF Withdrawal from UPI
EPFO is also preparing to launch the facility of PF withdrawal through UPI (Unified Payments Interface).
PF can be withdrawn through apps like PhonePe,Google Pay,Paytm,and BHIM.
Currently,it takes 2-3 days to withdraw PF through NEFT/RTGS,but through UPI this work will be done in a few seconds.
EPFO 3.0: Speed and simplicity in PF withdrawal
After the implementation of EPFO 3.0,the process of PF withdrawal will become completely digital and instant.
In particular,those employees who need money immediately will benefit a lot from this facility.
The government will soon release the launch date and full details of the process of this new facility.
Big change in EPFO rules
EPFO has simplified the rules for profile updates. Now employees will be able to update their profiles without any documents,and they will not even need the approval of the employer. This is a big change which will prove to be very convenient for the employees.
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