EPFO's New Initiative for Easier Access to Funds

The Employees’ Provident Fund Organisation (EPFO) is set to transform the way subscribers access their funds. With plans to integrate UPI payments and enable ATM withdrawals for amounts up to Rs 1 lakh, the process is becoming more streamlined than ever.

Instant Approvals and Quick Credits

Labour Secretary Sumita Dawra revealed that the National Payments Corporation of India (NPCI) has provided the UPI framework. This integration will allow subscribers to view their EPFO accounts directly in the UPI interface and make auto-claims, with instant approvals ensuring quick credit to their accounts.

Streamlined Processes and Faster Settlements

EPFO has significantly reduced its validation checks from 27 to 18, with plans to decrease them further to six. Auto settlements, which previously took several weeks, are now completed in just three days. The number of settlements has also seen a dramatic increase, from 90 lakh last year to nearly 1.9 crore this fiscal year.

Coming Soon: UPI and ATM Access

By the end of May or June this year, EPFO subscribers will be able to access their provident fund using UPI and ATM facilities. This enhancement is expected to reduce processing times from days to mere minutes or hours, offering a seamless experience akin to digital payment methods.