EPFO members will get big benefit from new facility
Labor and Employment Secretary Sumita Deora said on Tuesday that the Ministry of Labor and Employment has approved the recommendation of the National Payment Corporation of India (NPCI), so that the provident fund (PF) account can now be withdrawn through UPI and ATM.
New Delhi: About 7 crore members of the Employees Provident Fund Organization (EPFO) are going to get a big relief soon. The EPFO is going to start fund withdrawal facility through Unified Payment Interface (UPI) and ATM soon. Work is already underway on this facility and after its implementation, the transaction process and claim disposal will be accelerated.
Labor and Employment Secretary Sumita Deora said that the Ministry of Labor and Employment has accepted this recommendation of NPCI, who operates retail payment and settlement system in India. He said in an interview to news agency ANI that EPFO members will be able to withdraw money from their PF account from the end of May or from the beginning of June.
He said that EPFO members will be able to view their PF balance through UPI and withdraw their PF balance and withdraw up to Rs 1 lakh immediately under the automatic system. In addition, members can also choose the option to transfer to selected bank account as per their convenience. This facility will also be available for home purchasing, education, marriage and other requirements.
EPFO has made several significant changes to fully digitize its functioning. More than 120 databases have been integrated to make the evacuation process easier. This is now completing the claim settlement process in just 3 days. Currently, more than 95% of claims have become automated and work is being done to make it more simplified.
At the moment, EPFO members cannot withdraw money from their PF account through UPI or ATM. But after the implementation of this facility, the existing 2-3 days will be completed in a few hours or minutes. This will provide great relief to more than 7 crore EPFO members.
