EPFO UPI PF Withdrawals: The Employees’ Provident Fund Organisation (EPFO) is getting ready to make PF withdrawals much easier. Soon enough the workers may be able to take out their PF money using UPI apps just like sending money to a friend. This new system is being planned by the Centre and is expected to start in the early part of the next financial year.
Right now, PF withdrawal takes time and paperwork. With UPI, the process will become faster and simpler. This will help multiple of salaried people who depend on PF money during emergencies.
How PF Withdrawal Using UPI will Work?
Under the new plan, EPFO members will first need to connect their PF account with UPI. This will happen through a bank account that is already linked with Aadhaar. Once the linking is done, the member can move money from the PF account directly into their savings bank account using a UPI app.
After the money reaches the bank account, it can be taken out from an ATM or used for digital payments. The whole process is expected to feel like a normal bank transfer and not a long claim process. This system is expected to help more than 8 crore EPFO members, especially those who need quick access to their own savings.
The Labour Ministry is also planning to launch a new mobile app to support PF withdrawal through UPI. Along with this, the EPFO member portal may be updated so that people can start PF transfers directly using UPI.
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How much you can Withdraw?
Sources say this UPI based PF withdrawal system could start soon after the PF and UPI linking system is ready. This is likely to happen in the early months of the next financial year.
As per the current plan the members may be allowed to withdraw up to 75% of their PF balance using this method without submitting extra documents. The government is also discussing limits on how much money can be withdrawn per day or per month. This is being done to make sure people do not misuse the system and still keep money saved for retirement.
