Employees Provident Fund Organization (EPFO) is preparing to bring a big digital transformation for crores of its account holders. EPFO Under the 3.0 platform, soon employees will be able to withdraw money from their PF account directly through UPI app and ATM linked to EPF. According to reports, this facility can start by the end of June. Union Labor Minister Mansukh Mandaviya has also indicated earlier that this new system will be announced soon.
Facility to withdraw up to 75% amount immediately
According to sources, after the implementation of the new system, members will be able to immediately transfer up to 75 percent of their eligible EPF balance to their bank account. UPI and UPI-enabled ATMs will be used for this. However, to safeguard future savings, at least 25 percent of the amount will remain in the EPF account.
This facility has been developed in collaboration with National Payments Corporation of India (NPCI) and its testing has also been completed. It is believed that this will make the process of PF withdrawal much easier and faster than before.
Will get relief from paperwork and waiting
At present, to withdraw PF money, employees have to file a claim and wait for the approval of EPFO. In many cases this process takes several days or weeks. After the implementation of the new digital system, employees will be able to get the facility of immediate withdrawal, due to which financial help will be available faster in emergency situations.
What else will change in EPFO 3.0?
Many other reforms are also being made under EPFO 3.0. The limit for auto-settlement of PF claim has been increased from Rs 1 lakh to Rs 5 lakh. Apart from this, members will be able to verify their identity through Face Authentication Technology (FAT) on UMANG App. This will reduce dependence on documents and make the process simpler.
Digital services will get a boost
Experts believe that EPFO 3.0 will give a new direction to India’s digital financial services. With this, services like UAN activation, viewing PF passbook and correction of Aadhaar related information will also become faster and more convenient than before. This change is being considered a big step towards making PF management easier for crores of salaried employees.
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