New Delhi
More than seven crore subscribers or beneficiaries of the Employees Provident Fund Organization (EPFO) are going to be very easy. The government is now making such arrangements that beneficiaries can withdraw their money through UPI sitting at home. This arrangement is being made because many times employees have difficulty in extracting the amount of PF. Their claims are canceled.
One of the three claims is not available
In the year 2024, EPFO released the EPF Final Settlements Claims report. It was for the year 2023. This report states that not one of the three final settlements claimed in the EPFO was passed but Dinied. Therefore, the government is planning to start EPF withdrawal through UPI. This will make the process easier and faster.
Money will come to the account immediately
In this new way, EPF Member GPAY, PHYou will be able to withdraw money immediately using UPI platforms like OnePE and Paytm. According to a Financial Times report, the Employees Provident Fund Organization (EPFO) is interacting with the National Payment Corporation of India (NPCI) to introduce this facility. The scheme can start by May or June 2025.
Many facilities are starting
Union Labor Minister Mansukh Mandavia had said in January this year that EPFO 3.0 initiative, including ATM withdrawal, will be implemented by June this year. Many more facilities will be available through EPFO 3.0. If seen, there will be many benefits of EPF withdrawal from UPI. This will give immediate access to money. Right now it takes 23 days to withdraw EPF, but it will be done in a few minutes from UPI. This new process will be more transparent. And will make the evacuation process extremely easy.
Easy to the needy
This facility will be especially beneficial for those who need money immediately. Suppose you need money in a medical emergency, then you will be able to withdraw money from your EPF immediately. This will not require you to ask for a loan from anyone. Or if you have to make a big purchase, you can easily withdraw money from your EPF. This facility will prove to be a boon for you.
