The Employees’ Provident Fund Organization (EPFO) is working on a new withdrawal option. Soon employees will be able to withdraw the money deposited in their PF account through UPI. The report says that the system of withdrawal from EPF account through UPI will be rolled out in just 3 months.
However, the report also claims that EPFO has already prepared a plan and is in discussion with National Payments Corporation of India (NPCI) to launch this facility on UPI platform in the next 2-3 months. EPFO’s association with UPI will not only improve operations but will also solve the problem of fund transfer for more than 7 crore members of EPFO.
What will be the benefit after connecting to UPI?
In other words, by linking EPF to UPI, the government’s target is to simplify financial transactions, so that there is no problem in the claim process. Financial Express report says that once registered, customers can easily receive the claim amount through digital wallet. This will reduce the processing time and provide a better experience to the users.
The Ministry of Labor is upgrading the digital system of EPFO in collaboration with the Reserve Bank of India (RBI) and commercial banks. This step will simplify the withdrawal process, reduce delays, reduce paperwork and increase transparency.
So many claims settled so far
It is worth noting that in the last six-seven months, EPFO has implemented several reforms to improve pension service, upgrade its information technology (IT) system and provident fund (PF) claims. In FY 2025, EPFO settled claims of more than 50 million subscribers, the highest settlement ever, and released funds of more than Rs 2.05 lakh crore.
Working on withdrawal from ATMs too
In FY 2024, EPFO settled 44.5 million claims, amounting to Rs 1.82 lakh crore. Apart from this, auto claim settlement within three days increased to 18.7 million in FY 2025, from 8.95 million in FY 2024. Let us tell you that some time ago it was also reported that EPFO is working on PF amount withdrawal from ATM. This can be rolled out from the new financial year.
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