EPFO Guidelines 2025: Provident Fund Withdrawal Through UPI, ATM By Way Of Quit Of Can Also Or June
In a big improvement, Provident Fund members will soon be capable of withdrawing funds through UPI and ATM. A pinnacle authority legitimately said the employees' Provident Fund enterprise is ready to introduce this progressive withdrawal system, giving economic flexibility to crores of human beings, by the end of May.
The employees' Provident Fund company (EPFO) will permit withdrawals through the unified bills interface (UPI). The pass comes after the labor and employment ministry gave its nod to the recommendation of the countrywide payments corporation of india (NPCI), which is an umbrella agency operating retail payments and agreement systems in India.
Sumita Dawra, secretary of the Ministry of Labour and Employment, completely told information agency ANI that Provident Fund (PF) participants will quickly be able to withdraw budget through UPI and ATM by the cease of can also or June. She stated they will instantly be capable of withdrawing up to Rs 1 lakh and picking out their preferred financial institution account for the transfers once the brand-new gadget comes into place.
Dawra said there will be a transformative exchange in PF accessibility, even as participants will even have the ability to test their PF account stability on UPI. She said expanding the withdrawal options will now not best provide financial comfort; however, it will assist participants with a quick withdrawal price range for housing, training, and marriage, similarly to the prevailing illness provisions.
"The EPFO has made large strides in digitalizing its procedures, integrating over a hundred and twenty databases to streamline the withdrawal method. declare processing time has been dramatically reduced to just three days, with ninety-five percent of claims now computerized and plans to further simplify the method underway," she informed ANI.
She, in addition, stated the recent reforms have also benefited pensioners. Since december 2024, seventy-eight lakh pensioners have enjoyed expanded flexibility with the ability to withdraw price ranges from any bank branch. Geographical limitations for pension withdrawals, which had been handiest for selected bank branches, do not exist.
The EPFO faced a daunting challenge in introducing those reforms, Dawra stated. The corporation has greater than 7.5 crore active participants and adds 10 to 12 lakh new individuals each month throughout 147 local offices throughout the U.S., she said.
She also stated the EPFO reforms align with top minister Narendra Modi's imaginative and prescient of 'ease of dwelling' for personnel and employers.
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