Synopsis
The EPFO is set to revolutionize PF withdrawals by enabling instant access through UPI and ATMs by mid-2025, significantly improving convenience for its members.Key Takeaways
- EPFO will introduce instant PF withdrawals via UPI and ATMs.
- Members can withdraw up to Rs 1 lakh instantly.
- EPFO aims to reduce claim processing time to three days.
- Withdrawals can now be made for housing, education, and marriage.
- Pensioners can access funds from any bank branch since December 2024.
New Delhi, March 26 (NationPress) The Employees’ Provident Fund Organisation (EPFO) is poised to implement a significant change enabling its members to instantly withdraw their provident fund (PF) via UPI and ATMs by the end of May or early June 2025.
This enhancement means that employees will no longer face lengthy and tedious processes to access their PF savings.
The initiative is being executed with the backing of the Ministry of Labour and Employment and has received the green light from the National Payments Corporation of India (NPCI).
This initiative is anticipated to offer enhanced convenience to millions of EPFO members nationwide.
Sumita Dawra, Secretary at the Ministry of Labour and Employment, stated that employees will be able to withdraw up to Rs 1 lakh instantly.
She also noted that members can check their PF balances directly on UPI platforms and transfer funds to their designated bank accounts without any delays.
This development will simplify access to money for employees in urgent situations.
Currently, the process of withdrawing PF funds entails submitting online claims and awaiting approvals, which can consume several days or even weeks.
However, with the forthcoming UPI integration, withdrawals will become both instant and hassle-free.
Employees will not only have the ability to withdraw funds quickly but also to check balances and carry out transactions in real-time.
The EPFO is also broadening the circumstances under which members can withdraw their PF savings. In addition to medical emergencies, employees will now be able to withdraw funds for housing, education, and marriage.
This measure aims to provide greater financial flexibility to workers. “EPFO has made substantial advancements in its digital infrastructure by integrating over 120 databases,” Dawra mentioned.
“These enhancements have cut claim processing time to just three days, with 95 percent of claims now being processed automatically. Ongoing upgrades are also being pursued to enhance system efficiency,” she added.
Pensioners have also gained from EPFO’s digital initiatives. Since December 2024, around 78 lakh pensioners have been able to access their funds from any bank branch without limitations.
Previously, withdrawals were restricted to specific bank branches.
