EPFO: There’s news of significant relief for employees. The EPFO (Employees’ Provident Fund Organization) has made significant changes to the PF withdrawal rules. Now, employees will no longer need to complete lengthy formalities to withdraw their PF funds. Instead, they will be able to withdraw their funds directly through UPI (Unified Payments Interface).
EPFO New Rules: There’s good news for the salaried class. The Employees’ Provident Fund Organization (EPFO) has revolutionized the rules for withdrawing money from PF accounts. No longer will there be the need to fill out lengthy forms or wait 3-4 days, and funds will be transferred in seconds via UPI. This feature, launched in partnership with NPCI, will initially run through BHIM UPI, followed by apps like Paytm, PhonePe, and GPay. This feature will make life easier for millions of PF holders, especially in emergencies.
What was the process before?
Previously, employees had to fill out multiple forms to withdraw PF. This was followed by bank verification and multiple layers of verification. This process was time-consuming, and sometimes employees had to wait for weeks.
How will you benefit now?
Under the new rules, employees can link their UPI IDs to the EPFO portal. After this, whenever they need to withdraw PF funds, they will be able to make the transaction directly through UPI. This will:
– Time will be saved – no more waiting for weeks.
– Paperwork will be eliminated – no more hassle of filling out forms and submitting documents.
– Transparency will increase – funds will be transferred directly to the employee’s account.
– Security will be ensured – UPI-based transactions will be secure and trackable.
For many employees, PF funds provide a cushion for unexpected medical expenses, children’s education, or household needs. Previously, they faced difficulties due to lengthy procedures and delays. Now, instant withdrawals through UPI will make them more financially secure and self-reliant.
UPI Limit and Safety Features
RBI’s UPI limit has been implemented. The normal limit is ₹1 lakh daily, and ₹5 lakh will apply to medical, education, and IPOs. Restrictions will be imposed to prevent misuse. This is part of Digital India, where paperless claim processing will be faster. Labor Minister Mansukh Mandaviya said, “The hassle of paperwork will end and you can make your own money from PF.” This will reduce claim rejections and increase transparency.
What benefits do employees get?
PF is the biggest savings tool for the middle class. They’ll get immediate help for emergencies, marriage, and education. Claiming millions annually will now be easy. You can start with a small amount and then switch to a larger one. Link UPI to the EPFO app and keep your KYC updated. This reform will make PF as liquid as a bank account and boost retirement planning.
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The post EPFO New Rules: Lakhs of employees can now withdraw PF money through UPI without any form, new rules issued by EPFO first appeared on informalnewz.
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