Many times, employees struggle with EPF withdrawals owing to frequent claim rejections. According to the EPF annual report released in 2024, one in every three EPF final settlement claims will be denied in 2023.
Hence, to streamline the withdrawals and make the process quicker, the government is planning to introduce EPF withdrawals via UPI.
This new facility will allow EPF members to withdraw their savings instantly using UPI platforms like GPay, PhonePe, and Paytm.
The Employees' Provident Fund Organisation (EPFO) is currently in discussions with the National Payments Corporation of India (NPCI) to roll out this feature, as reported by the Financial Times.
The said scheme is expected to be rolled out by May or June 2025.
Moreover, the EPFO 3.0 initiative, including ATM withdrawals, is expected to be implemented by June this year, said Union Labour Minister Mansukh Mandaviya in January 2025.
Meanwhile, the implementation of UPI-based EPF withdrawals will offer several benefits to employees. It would provide instant acces to funds, allowing members to withdraw their savings within minutes as compared to the current EPF withdrawal process of 23 days.
The new process would also enhance transparency and make the withdrawal process seamless.
Also, with the roll-out of EFPO 3.0, the subscribers would be able to withdraw their savings just like a regular bank account, adding convenience and accessibility.
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