Good news for all PF employees! The Employees' Provident Fund Organisation (EPFO) is set to introduce a new system for PF withdrawals through UPI and ATMs by the end of May or June.
Once implemented, members will be able to withdraw up to Rs 1 lakh instantly and choose the bank account to which they want the funds transferred.
EPFO users are currently unable to make withdrawals using UPI, which normally takes two to three days. It is anticipated that the UPI-based withdrawal mechanism will drastically cut down on processing time once it is put into place, enabling members to get their money in a matter of hours or even minutes.
The purpose of this update is to increase efficiency and give EPFO members faster access to funds.
Members can now withdraw money for housing, education, and marriage in addition to illness-related purposes. This improvement is a component of EPFO's larger initiatives to shift digitally.
EPFO has automated 95% of claims and integrated more than 120 databases to enable quicker and more effective claim processing.
These developments are intended to expedite processes, shorten processing times, and give members faster access to monies.
