New Delhi: EPFO : In a groundbreaking development for India’s workforce, the Employees’ Provident Fund Organisation (EPFO) is set to introduce a revolutionary system for Provident Fund (PF) withdrawals through the Unified Payments Interface (UPI). The Ministry of Labour and Employment has approved the recommendation of the National Payments Corporation of India (NPCI), an umbrella organization that operates retail payment and settlement systems in India.
Speaking exclusively with ANI, Sumita Dawra, Secretary of the Ministry of Labour and Employment, revealed that PF members will soon be able to withdraw funds through UPI and ATMs by the end of May or June this year. Dawra stated that 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 ₹1 lakh through an automated system, and choose their preferred bank account for transfers.
The secretary further stated that the EPFO organisation has significantly expanded withdrawal options to provide greater financial flexibility. Members can now withdraw funds for housing, education, and marriage, in addition to the existing provisions for medical emergencies.
“The EPFO has made significant strides in digitizing its processes, integrating over 120 databases to streamline the withdrawal process. Claim processing time has been dramatically reduced to just three days, with 95% of claims now automated. Further simplifications are also in progress,” said Dawra.
She also highlighted that pensioners have benefited from recent reforms. Since December, 78 lakh pensioners have enjoyed increased flexibility, with the ability to withdraw funds from any bank branch. The geographical restrictions that previously limited pension withdrawals to select bank branches have now been completely removed.
Dawra acknowledged that implementing these reforms was a challenging task. The EPFO operates on a massive scale, with over 7.5 crore active members and 10-12 lakh new members joining every month across 147 regional offices nationwide.
She emphasized that these reforms align with Prime Minister Narendra Modi’s vision of “Ease of Living” for employees and employers. The initiative aims to simplify social security processes, modernize IT infrastructure, and provide greater financial convenience to India’s workforce.
The upcoming launch of UPI and ATM-based PF withdrawals will mark a major milestone in India’s digital financial transformation, promising unprecedented ease and speed for millions of working professionals.
Foley artist Gary Hecker recreates sounds (in this case, galloping horses) on the Foley sound stage at Todd-AO Studios in…
A typical theme that has dominated equity market conversations over the last six months is whether domestic institutional investors (DIIs)…
Buying some of the stocks analysts are most bullish on could help hedge some doubt heading into an uncertain second…
When Christina Cassotis, the chief executive of Pittsburgh International Airport, heard about the power outage that forced London’s Heathrow Airport…
India is seeing more domestic capital flow into private markets due to the financialization of savings, growing entrepreneurship culture, and…
On Wednesday, Prime Minister Mark Carney’s election campaign had brought him to the bridge between Windsor, Ontario, and Detroit, over…