EPFO: Now EPFO subscribers will be able to withdraw PF money directly through UPI. This will make the claim process easier and will not take much time. The government is preparing to launch this new system in the next 3 months
There is good news for lakhs of people working in all sectors in the country. EPFO subscribers will no longer have to worry much about withdrawing money from their PF account. They can withdraw PF money through UPI. The government is working on creating a system so that the claims of PF subscribers can be processed through UPI platforms.
According to a report by Financial Express, this new system can be started in the next 3 months. The government’s aim is to improve the transaction and claim process.
You can withdraw money through UPI
With the facility of withdrawing money from PF through UPI, fund transfer will be done quickly and easily. For this, EPFO has talked to NPCI. Preparations are being made to make this new feature available on UPI platforms like Google Pay, Phone Pay and Paytm. This will be especially beneficial for those employees who want to withdraw their PF immediately in an emergency.
You can easily transfer money
According to the Financial Express report, after completing the registration, users will be able to easily transfer money from the digital wallet. This will take less processing time and provide better facilities to the subscribers. This will also eliminate the hassle of banking details and verification. EPFO subscribers will be able to withdraw money directly from the digital payment app, without waiting for NEFT or RTGS. RBI, Ministry of Labor and banks are preparing to bring this facility soon.
Work is being done on withdrawal from ATM too
The government is preparing to launch the EPFO 3.0 app by May-June 2025. This will provide banking facilities to EPFO subscribers and the entire system will be centralized. The claim settlement process will also be easier than before. With this new update, subscribers will get the facility of debit card, so that they can withdraw their PF funds directly from the ATM.
