The central government may launch a new EPFO app by March. This will allow PF account holders to withdraw up to 75% of funds through UPI. This app will be directly connected to the user’s bank account and other UPI apps.
New Delhi: The central government may launch a new mobile app of the Employees’ Provident Fund Organization (EPFO) by the end of March. Two senior officials associated with this matter said that this app will allow PF account holders to withdraw money through UPI. Unlike the UMANG app, this new EPFO app will be directly linked to the user’s bank account and will also be integrated with the BHIM app and other UPI apps.
An official said, ‘With this, EPFO account holders will be able to transfer their funds directly to their bank accounts. They can do this withdrawal through UPI. At present, withdrawal of money from EPFO is possible only through UAN portal. There is no facility to withdraw money through UPI or any other method. According to sources, this app can be launched by the end of March. Its testing has been completed. It has been told, ‘After the launch of this app, PF account holders will be able to transfer up to 75% of their funds directly to their bank account.’ At present, EPFO has a total of 30 crore members.
EPFO has a fund of Rs 26 lakh crore
According to the rules, at least 25 percent of the EPF balance must remain in the member’s account. That is, members can now withdraw only 75 percent of their EPF funds, while the minimum balance will have to be maintained. In case of job loss, the remaining 25 percent can be withdrawn only after 12 months. Sources said that the total fund of EPFO is around Rs 26 lakh crore and the number of active members is around 7.5 crore.