PF Withdrawal: There is great news for employed people. Employees’ Provident Fund Organization (EPFO) subscribers will soon be able to withdraw their PF money easily through UPI and ATM.
Its limit will be up to one lakh rupees. Secretary of the Ministry of Labor and Employment Sumita Dawra gave this information on Wednesday.
What is the detail
Labour and Employment Ministry Secretary Sumita Dawra said that employees will get immediate access to their PF funds, with withdrawal limits up to Rs 1 lakh. She told news agency ANI that by the end of May or June, EPFO members will be able to check their PF balance directly on UPI. Also, they will be able to withdraw funds immediately through an automated system.
How to withdraw money from ATM and UPI?
Let us tell you that in this new process, EPFO will issue a special ATM card to its members, which will be linked to their PF account. Using this card, members will be able to withdraw money directly from their PF account from any ATM across the country. The withdrawal limit can be up to 50% of the total PF balance, ensuring that sufficient funds can be saved for retirement. Apart from this, to withdraw money from UPI, you have to link your PF account to UPI. After this, subscribers will be able to transfer PF money to their bank account. This facility will prove to be a boon for those who suddenly need money.
What is the current process, it is long
Let us tell you that currently it takes up to 2 weeks for EPFO members to process online claims. EPFO members have to submit claims online and wait for approval. This takes up to 2 weeks. However, now with UPI integrated, employees will be able to check their balance and also withdraw money instantly.
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