New Delhi: In what can be said as big news for Employees Provident Fund beneficiaries, Union Minister of Labour and Employment, Mansukh Mandaviya, has announced that the government is all set to implement a slew of initiatives to simplify PF withdrawals and linking of Provident Fund accounts with UPI and ATMs before March 2026.
Mandaviya said the government is working on introducing measures which would allow PF subscribers to withdraw their money easily through ATMs and UPI.
The Union Minister said that PF money is of the people and the government is trying to ease the withdrawal process so that beneficiaries can use their hard-earned money to fulfill the necessary needs. Mandaviya informed that a process is underway to link PF withdrawals with digital platforms.
EPF Withdrawal Simplified
The Union Labour minister said that the new rules will be implemented which would allow EPF beneficiaries to withdraw up to 75 per cent of the PF deposit without citing any reason.
Mandaviya said the government is looking into the entire EPF system and trying to fill the gaps so that the common public is benefited. He said at present, the rules state that people who lose their jobs after seven months of employment face difficulties, and pension benefits are only given after 10 years of continuous service.
Provident Fund: Securing employees’ future
Also, he pointed out the cumbersome process of filling out numerous forms to withdraw PF. Mandaviya informed that the government has changed the rules and EPF members will be able to withdraw 75 percent of their PF without citing any reason.
To ensure job continuity, the government has decided to not allow 100 per cent withdrawal and 25 percent of the PF balance be kept secured.
Mandaviya said that PF accounts have been linked to bank accounts, Aadhaar, and UNI and the process is underway to add debit card details to EPF accounts so that employees will be able to withdraw their PF funds directly from ATMs before March 2026. Also, PF accounts are also getting linked to UPI, which will allow employees to transfer funds digitally and free them from paperwork.
Mandaviya further stated that more digital improvements are in the pipeline to ease the EPF process, which would allow PF account holders to withdraw funds quickly and securely.
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