Major news for EPFO members. Over seven crore subscribers of the Employees’ Provident Fund Organization (EPFO) are about to receive some great news. The government is setting up a system that will allow beneficiaries to withdraw their funds via UPI from the comfort of their homes. This move comes in response to the frequent issues employees face when trying to access their PF amounts, often leading to claim rejections.
According to the EPFO’s final settlement claims report for 2023, released in 2024, one in three claims submitted were denied. To tackle this, the government is looking to introduce UPI withdrawals for EPF, which should streamline and speed up the process.
With this new feature, EPF members will be able to instantly withdraw their money using popular UPI apps like GPay, PhonePe, and Paytm. The Financial Times reports that the EPFO is currently in discussions with the National Payment Corporation of India (NPCI) to roll out this service, which could launch as early as May or June 2025.
Additionally, Union Labor Minister Mansukh Mandaviya mentioned in January that the EPFO 3.0 initiative, which includes ATM withdrawals, is set to be implemented by June this year. This initiative will bring a host of new features and benefits for EPF withdrawals through UPI.
This will give you quick access to cash. Right now, withdrawing from your EPF takes about 23 days, but with UPI, it’ll only take a few minutes. This new method will be much clearer and will simplify the whole withdrawal process.
This feature will be super helpful for anyone who needs cash fast. For instance, if you find yourself in a medical emergency, you can instantly pull money from your EPF. This way, you won’t have to rely on loans from others. Plus, if you need to make a big purchase, accessing your EPF funds will be a breeze. This service is going to be a game-changer for you.