Good news has come for EPFO members. From the end of May or beginning of June, the deposits deposited in EPFO can be withdrawn through UPI. The special thing is that EPFO members will be able to withdraw one lakh rupees.
The government is rapidly moving towards digital on the financial front. UPI is a living example of this. Which has not only been successful in India. But many countries of the world have adopted it. Now there is a plan to use it in many other works as well. There is news that in the coming few months, you will also be able to withdraw EPFO money through UPI. Work is going on rapidly on this. It is estimated that this system will start in the month of June. Let us also tell you what kind of planning has come to the fore.
EPFO money will be withdrawn through UPI
Moving into the digital sector, the Employees Provident Fund Organization (EPFO) is preparing to start UPI-based claim process. Due to which EPFO members will be able to withdraw their provident fund immediately. Giving information, Labor and Employment Secretary Sumita Dawra said that this step is being taken with the aim of improving efficiency and reducing transaction timing. In an interview to ANI, Dawra confirmed that the facility will go live by the end of May or June, which will be a big change in the way EPFO members access their savings.
Withdrawal up to one lakh
He said that after doing the necessary testing, we are hoping to launch the UPI frontend for EPFO claims by the end of May. This will benefit all the members, as they will be able to view their EPFO account directly in the UPI interface and make auto-claims. If the consumer is eligible, the approval process will be instant, so that money will come to their account immediately. Dawra told ANI that members will be able to withdraw up to Rs 1 lakh instantly through the auto system and choose their preferred bank account for transfer.
New revolution will come in EPFO
Currently, EPFO members have to go through a claim process which takes 2-3 days. After the UPI integration is launched, withdrawals are expected to be completed in a few hours or minutes. This facility is expected to revolutionize the Provident Fund process, just like UPI did for digital payments in India. Dawra said, apart from faster withdrawals, EPFO has also expanded the scope of use of funds. Members can now withdraw funds for housing, education and marriage in addition to the existing illness provisions. To make this change possible, EPFO has made a significant digital change. More than 120 databases have been integrated to streamline the claim process and 95 percent of claims are already automated. The aim is to further simplify the process, reducing paperwork and delays.
