Will PF money now be available ‘on demand’? Know the new plan of EPFO ​​3.0. Pf Withdrawal Via Upi How Epfo 3 0 Will Change Pf Claims Process

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PF Withdrawal Process: Now can PF money be withdrawn through UPI? Will claims up to ₹5 lakh be auto-settled in EPFO ​​3.0? Will the need for company approval to withdraw PF be eliminated? How to withdraw PF from ATM card?

PF Withdrawal Rules: If you work and your PF also gets deducted, then in the coming time, withdrawing PF money may be easier than before. Under EPFO ​​3.0, such facilities are being introduced which will make your work easier. Union Labor and Employment Minister Mansukh Mandaviya has also confirmed that under the new system, PF money can now be withdrawn directly through UPI. The biggest thing is that in many cases the long verification process and wait can also be reduced. Till now, to withdraw PF, people had to file a claim, check the status and sometimes wait for days, but in EPFO ​​3.0 this process will become very fast.

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What can change in EPFO ​​3.0?

Auto-settlement up to ₹5 lakh

Whereas earlier the facility of auto-settlement was available only for a limited amount, now there are preparations to speed up processing of claims up to ₹ 5 lakh. If your KYC is complete and correct then the claim settlement can be faster than before.

Facility to withdraw PF from UPI

The most talked about feature of EPFO ​​3.0 is UPI based withdrawal. In future, eligible members will be able to receive PF money directly in their bank account through UPI.

EPFO ATM Card

EPFO can also issue a special card, through which PF withdrawal will be possible through ATM like facility. This can make access to funds easier in times of need.

Less hassle of employer approval

If UAN, Aadhaar and other KYC information is properly linked, the need for company approval may be reduced in many cases.

What will be the benefit of EPFO ​​3.0?

  • Claim processing can be faster
  • There will be less need to go to office again and again
  • Digital facility like UPI will be available
  • The process will become easier once KYC is completed
  • It will be easy to track status

Who will be able to withdraw PF?

When will you be able to withdraw complete PF?

  • Retirement at the age of 58
  • being unemployed for 2 consecutive months
  • settle abroad permanently
  • under certain conditions

When will you be able to withdraw some money from PF?

  • medical emergency
  • Marriage
  • children’s education
  • buy or build a house
  • home loan payment
  • losing a job

How much PF will you be able to withdraw?

During employment, you can withdraw maximum advance of only 75% of your total PF balance. To keep retirement funds safe, it is mandatory to maintain at least 25% balance in the account. With the new facility, you will be able to withdraw money whenever you want, that is, the money from your PF account will be available on your demand.

What is required to withdraw PF from UPI?

  • Active UAN
  • base link
  • pan link
  • bank account verified
  • Aadhaar linked mobile number activated

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