In a significant move, the Employees’ Provident Fund Organisation (EPFO) is set to introduce UPI integration for claims processing. This has been done to enhance efficiency and reducing transaction time, stated Labour and Employment Secretary Sumita Dawra. The service to withdraw Provident Fund through UPI and ATM is expected to roll out by the end of May after necessary testing. At present, members do not have the option to withdraw PF money using UPI. EPFO currently has around 7.5 crore active members who maintain their PF accounts and contribute towards their pension.
Dawra told ANI, “Our next step is to incorporate UPI into the system. We have received suggestions from the National Payments Corporation of India (NPCI) regarding this integration and have submitted a proposal to EPFO for consideration. After conducting the necessary testing, we expect to roll out the UPI frontend for EPFO claims by the end of May.”
How Much You Can Withdraw?
Members will be able to view their PF account balance directly on UPI. They will be allowed to instantly withdraw up to Rs1 lakh through an automated system. In addition, they can choose their preferred bank account for transfers.
“By May-end or June, members will experience a transformative change in accessing their provident funds. They will be able to view their PF account balance directly on UPI, instantly withdraw up to Rs1 lakh through an automated system, and choose their preferred bank account for transfers,” said Dawra.
Members will be able to view their EPFO accounts directly in the UPI interface and make auto-claim. Moreover, the approval process will be instant if the consumer is eligible. This will ensure quick credit to their accounts.
More flexibility has been provided to PF members. They can now withdraw funds for housing, education, and marriage, in addition to the existing sickness provisions.
Notably, the launch of UPI and ATM-based PF withdrawals will lead to digital financial transformation by saving time, easing the process and helping working professionals.
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