EPF Withdrawals To Be Enabled Via UPI In Next 3 Months. Check Details Here
In the past six to seven months, EPFO has introduced various reforms aimed at improving pension services, updating IT systems, and ensuring smoother processing of provident fund (PF) claims
Employees’ Provident Fund Organisation (EPFO) members may soon be able to withdraw their employee provident fund (EPF) claims through the United Payments Interface (UPI), as the government seeks to enable quicker and smoother fund transfers.
EPFO has already developed a plan and is in talks with the National Payment Corporation of India (NPCI) to introduce the feature on UPI platforms within the next 2-3 months, according to a report by The Financial Express citing familiar sources.
EPFO's integration with UPI will enhance operational efficiency and make the process more accessible for its vast subscriber base of 7.4 million members. By linking EPF to UPI, the government aims to streamline financial transactions, ensuring quicker and more efficient claim processing for the users, reveals the report.
How This Will Be A Helpful Move?
Once EPFO is integrated with the UPI system, subscribers will be able to access their claim amounts easily through digital wallets, reducing processing time without any hassle and enhancing the user experience.
The labour ministry, in collaboration with the Reserve Bank of India (RBI) and commercial banks, is working to upgrade EPFO’s digital infrastructure. This move will simplify the withdrawal process, minimize delays, reduce paperwork, and enhance transparency, states the report.
In the past six to seven months, EPFO has introduced various reforms aimed at improving pension services, updating IT systems, and ensuring smoother processing of provident fund (PF) claims.
In the financial year 2024-25 (FY25), the EPFO processed claims for over 50 million subscribers, setting a new record with settlements of more than Rs 2.05 lakh crore. In comparison, the financial year 2023-24 (FY24) saw 44.5 million claims settled, amounting to Rs 1.82 lakh crore.
Additionally, the number of auto claim settlements within three days surged to 18.7 million in FY25, up from 8.95 million in FY24.
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