The EPFO ​​is embarking on a major digital transformation for working professionals. Before the launch of PF withdrawals via UPI, every employee must know their EPF balance. The good news is that there are four easy ways to access this information from the comfort of your home.

If you're employed and your PF is deducted from your salary every month, this news could be very useful. The Employees' Provident Fund Organization (EPFO) will soon make PF withdrawals easier than ever for its millions of members.

Until now, withdrawing PF funds required online claims, documentation, and several days of waiting. However, this situation is about to change. The EPFO ​​is preparing to introduce the facility of direct PF withdrawals through UPI.

When will the facility of withdrawing PF through UPI start?

According to a PTI report, the EPFO ​​is working on a plan to implement this new system by April 2026. The Labor Ministry is currently working on a system in which a small portion of the PF will be locked, while a larger portion can be withdrawn immediately if needed. This will ensure the safety of employees' retirement savings and provide access to funds when needed.

How will it be easier to withdraw PF through UPI?

The new system will completely change the process of PF withdrawals. While the claim process currently takes 3 to 15 days, UPI will allow this process to be completed in minutes. The EPFO ​​has simplified and simplified withdrawal rules, allowing employees to withdraw their funds seamlessly when needed.

Rules simplified: Withdrawals even after a short tenure

Now, only 12 months of employment will be required for any partial withdrawal. The previously existing 13 separate rules have been removed and only three categories have been created:

• Essential needs (illness, marriage, education)
• household needs
• Special circumstances

Before withdrawing PF through UPI, know: How much money is in your account?

Before you can withdraw your PF using UPI, the most important thing is to check your EPF account balance. Fortunately, you don't need to visit an office or stand in line. Here are 4 easy ways to check your EPF balance:

1. EPFO ​​Member Portal

You can view your passbook and latest contributions by logging in to the EPFO ​​website.

2. UMANG App

PF balance can be checked in a few seconds by entering UAN and OTP on UMANG app.

3. Information from missed calls

By giving a missed call to 9966044425 from your registered mobile number, you can get the balance details through SMS.

4. Through SMS

By sending “EPFOHO UAN ENG” to 7738299899, ​​you get the balance and last contribution information.

Some important things every EPFO ​​member should know

• It is mandatory for UAN to be active.
• The mobile number should be linked to the EPFO ​​record.
• The employer deposits 12% of the employee's salary in EPF.
• If there is no contribution for 6 months, the account may become inactive, but interest continues to accrue.
• The interest rate for FY 2024-25 is fixed at 8.25%.

What is the overall benefit?

With the implementation of PF withdrawals via UPI, the EPFO ​​system will become faster, more transparent, and much easier for ordinary employees. This step can be considered a major shift towards Digital India.

Frequently Asked Questions (FAQs)

1. When will PF withdrawal through UPI start?

EPFO is planning to launch UPI based PF withdrawal facility by April 2026.

2. What is required to check PF balance?

It is necessary that the UAN is active and the mobile number is linked with EPFO.

3. How much interest is currently available on EPF?

For the financial year 2024-25, EPF offers an interest rate of 8.25% per annum.

4. Will there be any charge for withdrawing PF through UPI?

No, EPFO ​​has not yet provided any information about any additional charges on PF withdrawal through UPI.

5. Can I check my PF balance if my mobile number is not linked to my UAN?

No, to check PF balance or avail online services, it is necessary to have mobile number linked and active with UAN.

 PC:ZeeNews