Big changes are coming for PF withdrawals with EPFO 3.0. Soon, you might be able to take out your PF money instantly using UPI or an ATM. Here’s how much you can withdraw and when this new facility might start.
EPFO 3.0 Update on PF: The Employees’ Provident Fund Organisation (EPFO) is getting ready to launch its new digital platform, EPFO 3.0. After this upgrade, EPFO members won’t have to go through a long process to withdraw their Provident Fund (PF) money. According to reports, under EPFO 3.0, members will be able to withdraw money directly from their PF accounts using UPI apps and EPF-linked ATMs. This new feature is expected to be rolled out by the end of this month, June.
UPI and ATM PF Withdrawals in EPFO 3.0
Sources say that the testing for this new facility, developed in partnership with the National Payments Corporation of India (NPCI), is complete. Once the new system is in place, members can instantly transfer up to 75 percent of their EPF balance to their bank accounts using UPI and UPI-enabled ATMs. Experts believe this will speed up the PF withdrawal process, reduce paperwork, and bring more transparency and accountability to the entire system.
What is the current PF withdrawal process?
Right now, to withdraw PF money, EPFO members have to file a claim. After that, they have to wait for the claim to be verified and approved. This often causes delays in receiving the money. The main goal of EPFO 3.0 is to make this process simpler and faster.
EPFO 3.0 Update: Big Change in Auto-Settlement Limit
Under EPFO 3.0, the government has also increased the auto-settlement limit for PF claims. Earlier, the maximum limit for auto-settlement was ₹1 lakh, but now it has been raised to ₹5 lakh. This change is expected to benefit a large number of employees with faster and easier claim settlements.
Face Authentication to Simplify Identity Verification
With the new system, EPFO members will be able to use Face Authentication Technology (FAT) to verify their identity. This will be done using the UMANG app. It will reduce the need for multiple documents and make the identity verification process much more convenient.
Faster UAN Activation and PF Services
Once EPFO 3.0 is implemented, several other services are also likely to improve. These include:
- Making the UAN activation process faster and easier
- Allowing easy online access to the PF passbook
- Enabling quicker updates to Aadhaar-linked information
- Making digital services more user-friendly
How will EPFO 3.0 impact employees?
Deepal Dutta, the CEO of RedoQ, believes that EPFO 3.0 is a major step towards the digitisation of India’s financial system. He said that for millions of salaried employees, PF is one of their most important financial assets. But until now, accessing this money involved a long process and a lot of waiting. With the new facility allowing instant withdrawals via UPI and EPF-linked ATMs, people will have more control over their money, especially during emergencies.