PF Withdrawals Can Be Made via UPI, ATMs from May-end or June: Govt Official
The Employees’ Provident Fund Organisation (EPFO) is set to revolutionize the way employees access their provident fund (PF) accounts. According to Ministry of Labour and Employment Secretary Sumita Dawra, EPFO members will soon be able to make withdrawals via Unified Payments Interface (UPI) and ATMs by the end of May or June this year.
This development marks a significant shift towards digitalization in the PF withdrawal process, making it more convenient and accessible for employees. With the introduction of UPI and ATM-based withdrawals, employees will no longer need to visit EPFO offices to access their PF accounts.
According to Dawra, EPFO members will be able to view their PF account balance directly on UPI. This means that employees will have real-time access to their account information, allowing them to track their balance and make informed decisions about their financial planning.
Furthermore, the EPFO will also enable instant withdrawals of up to ₹1 lakh. This facility will allow employees to access their PF funds quickly and easily, without the need for lengthy paperwork or visits to EPFO offices.
The introduction of UPI and ATM-based withdrawals is expected to benefit millions of EPFO subscribers across the country. With this facility, employees will be able to access their PF accounts more conveniently, which will help them to manage their finances more effectively.
The move towards digitalization is in line with the government’s efforts to promote digital payments and reduce the use of cash. The EPFO has been at the forefront of this initiative, with the organization having already introduced several digital services, including online registration and payment of PF contributions.
The introduction of UPI and ATM-based withdrawals is expected to have several benefits for EPFO subscribers. Firstly, it will provide employees with greater control over their PF accounts, allowing them to access their funds more conveniently. Secondly, it will reduce the need for physical visits to EPFO offices, which will help to reduce congestion and wait times.
Additionally, the introduction of instant withdrawals will provide employees with greater financial flexibility, allowing them to access their PF funds quickly and easily in case of an emergency. This facility will be particularly beneficial for employees who may require access to their PF funds in case of a medical emergency or to meet unexpected expenses.
The move towards digitalization is also expected to reduce the risk of fraud and errors. With UPI and ATM-based withdrawals, employees will be able to access their PF accounts securely and conveniently, without the need for physical transactions.
In conclusion, the introduction of UPI and ATM-based withdrawals by the EPFO is a significant step towards digitalization in the PF withdrawal process. This facility will provide employees with greater control over their PF accounts, reduce congestion and wait times, and provide greater financial flexibility.
As the EPFO continues to promote digital payments and reduce the use of cash, employees can expect even more convenient and accessible services in the future. With the introduction of UPI and ATM-based withdrawals, the EPFO is setting a new standard for PF withdrawals, making it easier and more convenient for employees to access their funds.
