UPI EPFO Withdrawal / EPFO money up to Rs 1 lakh can be withdrawn through UPI, big change will happen in June

UPI EPFO ​​Withdrawal: The government is rapidly moving towards digital on the financial front. UPI is a living example of this, which has not only been successful in India, but many countries of the world have adopted it. Now plans are being made to use it in many other tasks. In the coming months, the facility of withdrawing EPFO ​​​​money through UPI is also expected to start. Work is going on rapidly in this direction and it is estimated that this system will be implemented by June.

EPFO ​​money will be withdrawn from UPI

Moving forward in the digital sector, the Employees Provident Fund Organization (EPFO) is preparing to start a UPI-based claim process. This will allow EPFO ​​​​members to withdraw their provident fund immediately. According to Labor and Employment Secretary Sumita Dawra, the initiative aims to improve efficiency and reduce transaction time. She confirmed in an interview to ANI that the facility will go live by the end of May or June. This will be a revolutionary change for EPFO ​​members to access their savings.

Instant withdrawal facility up to Rs 1 lakh

Dawra said that after the completion of the necessary testing, the UPI frontend for EPFO ​​​​claims is expected to be launched by the end of May. This facility will benefit all members as they will be able to view their EPFO ​​​​account directly in the UPI interface and auto-claim. The approval process will be instant for eligible subscribers, which will immediately credit the money to their account. Through UPI, members will be able to withdraw an amount of up to Rs 1 lakh instantly and choose their preferred bank account for transfer.

Digital revolution in EPFO

Currently, EPFO ​​​​members take 2-3 days to process the claim, but after UPI integration, this withdrawal is expected to be completed in a few hours or minutes. This facility will bring a big change in the Provident Fund process, just like UPI revolutionized the digital payment system in India.

Along with the faster withdrawal facility, EPFO ​​has also expanded the scope of fund usage. Now members can withdraw funds for housing, education and marriage, in addition to the existing illness provisions. To make this change possible, EPFO ​​has made significant digital changes. Over 120 databases have been integrated to streamline the claim process and 95% of claims are already automated.