EPFO to Introduce UPI for PF Withdrawals

The Employees' Provident Fund Organisation (EPFO) is set to revolutionize the way members access their provident funds. With the approval of the National Payments Corporation of India (NPCI), UPI and ATM withdrawals will be available by the end of May or June, significantly reducing transaction times.

Transformative Changes Ahead

Labour and employment secretary Sumita Dawra highlights the upcoming changes: members will soon view their PF balance on UPI, withdraw up to Rs 1 lakh instantly, and choose their preferred bank account for transfers. This move is part of EPFO's digital transformation, aiming to streamline processes and enhance member convenience.

Expanded Withdrawal Options

Beyond sickness, withdrawals will now cover housing, education, and marriage. With over 120 databases integrated, EPFO has slashed claim processing to just 3 days, with 95% of claims automated. The introduction of UPI is expected to further reduce this to hours or even minutes.