The Employees’ Provident Fund Organisation (EPFO) is preparing to introduce the option for members to withdraw their provident fund (PF) via UPI and ATMs shortly. This significant development will allow EPFO members to access their PF funds instantly through these methods. The implementation of this change is anticipated to occur by the end of May or in early June 2025.

UPI Benefits for EPFO

This will be advantageous for all members, allowing them to access their EPFO Account directly through UPI. If the subscriber meets the eligibility criteria, the approval process will be immediate, facilitating prompt credit to their accounts.

Progress in Digital Technologies within EPFO

In order to facilitate this digital transformation, EPFO has consolidated more than 120 databases to optimize operations and guarantee smooth processing. Consequently, the time required for claim processing has been shortened to merely three days, with 95% of claims now handled automatically. Additional enhancements are anticipated to further improve user experience and operational efficiency.

Summary

This initiative is in accordance with the government’s efforts to promote digital payments and enhance financial inclusion. Similar to how UPI has streamlined digital transactions throughout India, its incorporation into Provident Fund withdrawals is anticipated to facilitate quicker, easier, and more efficient access to funds for millions of EPFO members.