EPFO: Millions of employees associated with the Employees’ Provident Fund Organization (EPFO) are set to receive positive news shortly. Previously, individuals had to endure a waiting period of several days to access funds from their provident fund accounts. However, with the upcoming changes, funds will be accessible within minutes.

Plans to enable money transfers via UPI

The government is preparing to introduce ATM cards specifically for the withdrawal of PF money. Additionally, there are plans to enable money transfers via UPI, with EPFO currently in discussions with the National Payments Corporation of India (NPCI) regarding this initiative. The EPFO is also set to launch its new EPFO 3.0 version, which will allow account holders to withdraw their funds directly from ATMs.

This information was shared by Union Labor Minister Mansukh Mandaviya, who indicated that EPFO 3.0 will be designed to function similarly to a banking system, enabling employees to conduct transactions easily using their Universal Account Number (UAN). However, certain terms and conditions will apply to the withdrawal process. Reports suggest that this new facility is expected to be operational by June 2025. In addition to ATM access, efforts are underway to implement UPI transactions to further assist EPF members.

Media indicates that EPFO is in talks with NPCI to facilitate this. If successful, by May or June, EPF members will also have the option to transfer funds using platforms such as GPay, PhonePe, and Paytm. This new service will significantly benefit those who need to withdraw PF money in emergencies, as the current process typically takes around 8 to 10 days. Furthermore, it will eliminate the need for in-person visits to offices or lengthy procedures for fund withdrawal.