Employees' Provident Fund Organization (EPFO) is going to bring a big change for crores of its subscribers. A new mobile app is going to be launched soon, which will make it easier than ever to withdraw PF money. The special thing is that in this new app, money can be transferred directly to the bank account through UPI. This is expected to eliminate the problem of long process and waiting. At present, testing of this feature has been completed and it can be rolled out soon.
EPFO's new mobile app will focus on making PF withdrawal completely digital and easy for the users. This app will be directly linked to the user's bank account and will integrate with other UPI apps including BHIM. With this, users will be able to first transfer money from their EPF account to the bank and then withdraw it easily through UPI. Till now, only online portal option is available for PF withdrawal, which takes more time and process. With the advent of the new system, this work will be completed within minutes, which will provide great relief to crores of employees.
Under the new feature, EPFO subscribers will be able to withdraw maximum 75 percent of their PF balance. However, according to the rules, it will be necessary to keep at least 25 percent of the amount in the account. This means that it will not be possible to withdraw the entire money at once. If someone loses his job, the remaining 25 percent money can be withdrawn after 12 months. According to officials, this rule has been implemented to keep the funds safe. At present EPFO has a fund of about Rs 26 lakh crore and crores of people are associated with it, hence such rules are considered necessary.
Till the new EPFO app is fully launched, users can make PF withdrawals through UMANG app. UPI option is not yet available in this app, but it is easy to file the claim in the traditional way. Users need to register on EPFO portal and UMANG app, after which they can apply from mobile only. There is no need to login on the computer and the entire process is mobile friendly. In such a situation, this option will remain very useful for the users until the new app arrives.
