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EPF Withdrawals via ATMs & UPI Soon, Trials Underway for April Launch

The government is conducting trials with banks to operationalise Employees' Provident Fund withdrawals via ATMs and Unified Payments Interface, targeting an April launch to streamline access. Labour Minister Mansukh Mandaviya announced reforms to modernise EPFO offices into single-window service centres and introduce authorised 'Suvidha Providers' to assist members. The EPFO, managing a Rs 28 lakh crore corpus, has automated settlements for claims up to Rs 5 lakh and enabled issue resolution at any regional office. These changes are part of broader efforts to enhance digital access and service efficiency ahead of the new Labour Codes taking effect on April 1.

Key Points: EPF ATM, UPI Withdrawals Soon | Govt Trials for April Launch

  • ATM withdrawals for EPF
  • UPI-based EPF access
  • Auto settlement for claims up to Rs 5 lakh
  • New EPF Suvidha Providers for guidance
2 min read

Centre working on trials with banks to operationalise PF withdrawals via ATMs soon

Govt trials for EPF withdrawals via ATMs & UPI from April. EPFO reforms include auto settlements, seamless transfers & new Suvidha Providers.

"EPFO today holds a fund corpus of Rs 28 lakh crore and provides 8.25 per cent annual interest. - Mansukh Mandaviya"

New Delhi, Feb 9

The government is working on trials with banks to operationalise employees' provident fund withdrawals via automated teller machines, with a likely date to make it applicable from April, for ease of service.

The employees' PF will also be open to withdrawals via the use of unified payments interface (UPI), apart from ATMs, according to an NDTV profit report, citing Labour Ministry sources.

There was, however, no official communication yet from the government.

According to the report, the move is being implemented to further streamline the process of EPF withdrawal, which typically involves filing multiple forms.

Under the current EPF scheme, an employee contributes 12 per cent of the basic salary and dearness allowance every month. The employer contributes an equal amount. The interest rate has been fixed at 8.25 per cent for the fiscal year 2025-26.

Recently, Labour and Employment Minister Mansukh Mandaviya announced that all upcoming and several existing EPFO offices are being redeveloped into modern, technology-enabled, Passport-Seva-Kendra-style single-window service centres, enabling citizens to resolve any EPF-related issue at any regional office across the country.

He said that the step was part of a series of major reforms being undertaken by the government to strengthen EPFO services nationwide.

Mandaviya further added that to enhance access for workers, especially first-time users and those unfamiliar with digital systems, the government will soon introduce the mechanism of EPF Suvidha Providers. These Suvidha Providers will be authorised facilitators to guide members in accessing benefits and resolving their issues, thereby acting as a bridge between citizens and the EPFO.

"EPFO today holds a fund corpus of Rs 28 lakh crore and provides 8.25 per cent annual interest. If workers' money is with the EPFO, it carries the guarantee of the Government of India," he said.

Elaborating on reforms, he said that the EPFO is continuously evolving with simplified and technology-led processes -- settlements up to Rs 5 lakh are now processed automatically, withdrawals up to 75 per cent of EPF balance are permitted with ease, account transfers have been made seamless, and EPF-related issues can now be resolved at any EPFO regional office across the country, irrespective of the member's home location.

The Labour Ministry will also put the four new Labour Codes into effect on April 1.

- IANS

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Reader Comments

S
Shreya B
While the idea is good, I hope they ensure robust security. PF money is our life's savings. Adding more withdrawal points means more risk of fraud. The government must guarantee 100% safety before implementing this.
A
Aman W
Finally! The current process is so tedious. Filling forms, getting them stamped by the employer, then waiting for weeks. If I can just use an ATM like my salary account, it will be a huge relief during emergencies.
P
Priyanka N
The Suvidha Providers initiative is crucial. My parents in a small town find digital systems very confusing. Having an authorised person to guide them through PF withdrawals or transfers would be a blessing. Good thinking!
D
David E
As someone who has worked in both India and abroad, I appreciate this move to modernize EPFO services. The single-window service centers sound similar to efficient systems elsewhere. The 8.25% interest is also very competitive. Keep it up!
K
Karthik V
I welcome the ease, but respectfully, the government should focus on fixing the existing EPFO portal first. It often crashes or shows errors. New features are good, but the basic digital infrastructure needs to be rock solid.
N
Nisha Z
This is a

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