According to reports, the EPFO and the National Payment Corporation of India (NPCI) are negotiating the addition of the PF Money Withdrawal capability to UPI systems in the next two to three months.
According to Financial Express, which cited official sources, the Employees’ Provident Fund Organization (EPFO) is apparently working on allowing subscribers to handle Employees’ Provident Fund (EPF) claims utilizing United Payment Interface (UPI) systems and get a seamless money transfer.
According to the FE, customers would have simple access to their claim amount via a digital wallet after the EPF was linked to UPI.
The National Payment Corporation of India (NPCI) and the EPFO are negotiating to implement the feature on UPI systems in the next two to three months, according to the official source, FE added.
What will happen when EPF is linked to UPI?
The EPFO is putting this modification into effect in order to improve accessibility for its 7.4 million consumers by integrating with UPI.
In collaboration with the RBI and commercial banks, the labor ministry is modernizing EPFO’s digital technologies to improve user experience and expedite withdrawals.
Subscribers will have simple access to their claim amount through a digital wallet once the EPF is linked to UPI.
The inclusion policy of UPI technology would enable members in remote areas to benefit from the Pradhan Mantri Jan Dhan Yojana’s transaction convenience.
Withdrawal Of PF Money Via ATM
In December of last year, Labour Secretary Sumita Dawra stated that EPFO subscribers would be able to conveniently withdraw their provident funds straight from ATMs starting the next year.
Labour Secretary Sumita Dawra emphasized efforts to simplify and expedite claim settlements, stating, “We are settling claims quickly and are working to make the process easier to improve the ease of living. A claimant, beneficiary, or insured person will be able to access their claims conveniently through ATMs, with minimal human intervention.”
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