Millions of employees across the country will soon be able to withdraw their PF through UPI and ATMs. The changes in EPFO 3.0 will make PF withdrawals easier, simpler, and faster. The process will be completely digital. The new system will eliminate the need for members to manipulate paperwork.
With the paperless and online process, employees will no longer have to make repeated trips to the EPFO office. The grind of filling out forms, submitting documents, and waiting for PF deposits will be eliminated. Testing of this new facility has also been completed. Official information on when this facility will be operational has not been released.
Now, the question on everyone's mind is whether 100% of the PF balance can be withdrawn. EPFO rules have been established regarding this matter. According to these rules, 50-75% of the remaining EPF balance can be withdrawn. Withdrawals are only permitted for specific and important reasons. According to EPFO rules, a minimum balance of 25% is required in the account.
EPFO focuses on ensuring a secure future for employees. To help employees in their old age, PF funds are deposited into PF accounts. The government pays interest on this amount. After retirement, employees receive this amount as a pension. However, this amount is crucial. In case of an emergency, employees can withdraw this amount for a specific reason. However, 100% withdrawal is not possible.
The auto-settlement limit has also been increased. Previously, only claims up to ₹1 lakh were approved immediately. This limit has now been increased to ₹5 lakh. Members can withdraw money from their PF account for medical needs, children's education, marriage, home purchase, or construction. The amount is now credited to their account within three to five days of filing a claim.
Union Labor Minister Mansukh Mandaviya has stated that the trial process for UPI-based PF withdrawals has been completed. However, he did not specify when this new feature will become available. It is being reported that members will be able to withdraw payments online using their UPI PIN. Employees are eagerly awaiting this feature.
PC:TV9
