EPF Withdrawal to Become Easier? Soon, Withdraw Funds via UPI – Everything You Need to Know
EPF Withdrawal to Become Easier? Soon, Withdraw Funds via UPI – Everything You Need to Know
The government is planning to simplify Employees’ Provident Fund (EPF) withdrawals by introducing UPI-based claims settlement. This initiative aims to reduce claim rejections and provide seamless access to EPF savings. If implemented, employees will soon be able to withdraw their funds through platforms like Google Pay (GPay), PhonePe, and Paytm.
EPF Withdrawal via UPI: A Game-Changer for Employees
With one in every three EPF claims getting rejected in 2023, the government is working on improving the withdrawal process. The Employees’ Provident Fund Organisation (EPFO) is in talks with the National Payment Corporation of India (NPCI) to introduce UPI-based withdrawals.
Additionally, as part of the EPFO 3.0 initiative, employees may also be able to withdraw their provident fund through ATMs. This will provide greater flexibility and ease of access to their hard-earned savings.
When Will EPF Withdrawal via UPI Be Available?
Reports suggest that the feature will be implemented by May or June 2025. Alongside UPI-based withdrawals, the government is expected to roll out a new EPFO mobile application and an ATM card facility for EPFO members.
Key Benefits of EPF Withdrawal via UPI
- Faster Access to Funds – UPI-based claims will reduce processing time from 2-3 days to a few minutes.
- Reduced Claim Rejections – Digital verification through UPI will minimize rejection rates.
- Enhanced Transparency – Transactions will be recorded in real-time, ensuring clarity and accountability.
- Convenience – Employees can withdraw their funds directly through UPI apps or ATMs, eliminating paperwork.
Current EPF Withdrawal Process (Before UPI Rollout)
Until the UPI feature is officially launched, employees can withdraw their EPF savings online by following these steps:
- Visit the EPFO portal and log in using your UAN and password (ensure UAN is activated at least 24 hours before logging in).
- Click on Online Services and select “Claim (Form-31, 19 & 10C)” from the dropdown menu.
- Enter your bank details and verify them.
- Choose the type of withdrawal (Final Settlement, Partial Withdrawal, or Pension Withdrawal).
- Submit the required documents and complete the online verification process.
Final Thoughts
While the government has not yet issued an official confirmation on EPF withdrawals via UPI, the proposed system could revolutionize access to EPF savings. Stay tuned for updates as more details emerge about this much-awaited digital transformation in EPFO services.
