Labor and Employment Secretary Sumita Devra said on Tuesday that the Labor and Employment Ministry has approved the recommendation of the National Payment Corporation of India (NPCI) to withdraw PF through UPI.

About 7 crore members of pension body Employees Provident Fund Organization (EPFO) are going to get a big relief soon. Actually, the Employees Provident Fund Organization will soon start the facility of withdrawing funds through Unified Payment Interface (UPI) and ATM. EPFO ​​is already working on both these facilities. After the introduction of both these features, there will be improvement in labor and claim process, efficiency and reduction in transaction time.

When will the facility start?

Labor and Employment Secretary Sumita Devra on Tuesday said that the Ministry of Labor and Employment has approved the recommendation of the National Payment Corporation of India (NPCI), which is the retail payment and settlement system in India. The secretary said in an interview to news agency ANI that EPFO ​​​​members will be able to withdraw their provident fund through UPI and ATM from the end of May or early June this year.

Payment of up to Rs 1 lakh will be done in minutes

She said in her statement, from the end of May or June, members will experience a transformative change in the access to their provident fund. They will be able to view their PF account balance through UPI and will also be able to get instant payment of Rs 1 lakh under an automated system. Apart from this, she further said that they will also be able to choose their selected bank account for transfer. She further said in this interview that the withdrawal option has been further expanded for education, home fund, marriage.

95% of claims automated

He further said that EPFO ​​has made several important changes to digitize its process. It has integrated more than 120 databases to make the withdrawal process easier. The claim process has come down to just 3 days. With this, now 95 percent of the claims have been automated and work is being done to make it even easier.

7 crore members will get big relief

Let us tell you that at present, the members of the Employees Provident Fund Organization (EPFO) cannot withdraw PF money through UPI or ATM. If this facility is started once, then the time taken for PF withdrawal of 2-3 days will be reduced to a few hours or minutes. Which will give big relief to 7 crore members.