EPFO Update: The process of withdrawing PF funds is about to become much easier. The Employees’ Provident Fund Organization may soon enable PF members to withdraw funds through UPI. To achieve this, the EPFO will soon launch an app, which will prove to be very helpful.
Once the app is launched, funds can be withdrawn at any time without any application. Currently, it takes 8 to 12 days to withdraw funds from a PF account. Claims are sometimes rejected, causing difficulties for PF employees. But now there is no need to worry.
The EPFO is preparing to launch a new mobile app soon. This app allows you to quickly withdraw your PF funds through UPI. You can learn the important details in the article below.
Difficulties in PF Withdrawals
Currently, the Employees’ Provident Fund Organization has established a process that creates difficulties in withdrawing PF funds. Withdrawing funds has been a very stressful experience. Long forms, repeated visits to the EPFO office, manual verification, and weeks, sometimes months, of waiting time, all cause stress for employees. Furthermore, in this increasingly digital age, the EPFO is also moving ahead with digitalisation.
Find out what’s special about it?
The EPFO is launching its EPFO 3.0 program, scheduled to launch before the new financial year, which will significantly simplify PF withdrawals. This new app will be completely different from the existing UMANG app.
According to a PTI report, the new app will allow subscribers to instantly withdraw PF funds using UPI. This will make EPFO services as easy and speedy as banks. It is reported that this app will be linked to the subscriber’s bank account.
It will also work with other UPI apps, including BHIM. PF funds will first be transferred to the subscriber’s bank account and then be easily used through UPI. The process of withdrawing money through UP will also be easy.
ATM access will also be available
PF employees are likely to receive ATM cash withdrawals in EPF 3.0. The ease of withdrawing PF funds through UPI or ATMs will prove to be quite beneficial.
Government to Pay Interest Soon
The central government may soon approve interest rates for PF employees. The wait for the interest rate announcement for the financial years 2025 and 2026 may end after Holi. This time, the government may provide interest rates up to 9%. Approximately 8 crore employees are expected to benefit from this. A total of 8.25% interest was paid in the previous financial years 2024 and 2025. A substantial amount was also transferred to the accounts of PF employees.
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