Withdraw money from EPFO instantly via UPI without visiting office; New, simpler mode on way
This service will become fully active with the third phase of EPFO reforms, i.e., 'EPFO 3.0.'
New Delhi: The Employees’ Provident Fund Organisation (EPFO) is preparing to give a major gift to its millions of account holders. Making EPFO’s online services high-tech, the facility for PF withdrawal through the UPI payment gateway is about to be launched. For this, the department will launch a new mobile app in April this year. With this new facility, employees will not have to wait long to transfer their PF amount to their bank accounts and will be able to withdraw money instantly.
About EPFO 3.0
This service will become fully active with the third phase of EPFO reforms, i.e., ‘EPFO 3.0.’ According to sources in the Ministry of Labour, trials of this new mobile app and UPI system have already begun. Currently, this technology is being tested through more than 100 dummy accounts so that there are no technical glitches at the time of the launch in April. This step will prove to be a major change in the direction of Digital India(BHARAT).
Withdrawal limit and new rules
Even after the availability of the UPI withdrawal facility, some important rules will have to be followed. Under the new Labour Code rules, at least 25 per cent of the total amount in the EPF account will be kept frozen. Account holders will be able to withdraw money only from the remaining amount as per their needs. The new mobile app will not only provide withdrawal facilities but also allow users to view their passbook balance and avail other necessary services.
Existing services will also continue
Even after the launch of the new mobile app, the currently running services of the UAN number and the UMANG portal will not be discontinued. Currently, the process of PF withdrawal takes a considerable amount of time, although in auto-settlement mode, the settlement is done within three days of the application. Recently, EPFO increased the auto-settlement limit from one lakh to five lakh rupees.
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