Summary
EPFO subscribers will soon be able to withdraw their Employees’ Provident Fund (EPF) directly into their bank accounts via the UPI payment gateway. You will be able to access this feature through a newly designed EPFO mobile app that the labour ministry is set to launch in April this year, according to PTI. What’s changing for EPFO members
EPFO subscribers will soon be able to withdraw their Employees’ Provident Fund (EPF) directly into their bank accounts via the UPI payment gateway. You will be able to access this feature through a newly designed EPFO mobile app that the labour ministry is set to launch in April this year, according to PTI.
Under the new system, a portion of your EPF balance will remain frozen, but you will be able to withdraw a large portion through UPI. You can check your eligible EPF balance on the new app and use your linked UPI PIN to transfer funds securely to your bank account. The EPFO will roll out a dedicated mobile application that will allow members to withdraw EPF money via UPI and access other services, such as checking their passbook balance.
Existing platforms like the UAN portal and UMANG app will continue to function alongside the new app. In the auto-settlement mode, EPF withdrawal claims get settled electronically in just 3 days without manual intervention. The auto-settlement limit has been raised to Rs 5 lakh from Rs 1 lakh, enabling faster access to EPF funds for purposes such as illness, education, marriage, and housing.
Source
Original coverage by The Economic Times.
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