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Business Desk – Employees’ Provident Fund Organization (EPFO) is soon going to provide big facilities to crores of its members. Under EPFO ​​3.0, employees will be able to withdraw their Provident Fund (PF) money directly through UPI. For this, there will be no need for lengthy paperwork, employer’s approval and waiting for several days.

According to Labor and Employment Minister Mansukh Mandaviya, under the new system, EPFO ​​members will be able to immediately transfer the PF amount to their bank account through UPI. Testing of this facility has been completed and it is ready to be implemented soon.

Money will come to your account as soon as you enter UPI PIN.

After the implementation of the new system, members will be able to access their eligible PF balance through the UPI platform. After the claim is approved, the amount will be sent directly to the bank account. In UPI based process, the user will only have to authenticate and the transaction can be completed through UPI PIN. This will make PF withdrawal faster and easier than before.

ATM and QR code facility will also be available

Under EPFO ​​3.0, along with UPI, ATM based withdrawal facility is also proposed. Members will be able to generate QR code through UMANG app and scan it at UPI-enabled ATMs to withdraw PF amount.

More than 7 crore members will benefit

More than 7 crore members of EPFO ​​are expected to benefit from the new system. The government aims to make the PF withdrawal process completely digital, paperless and fast, so that employees do not have to wait long for their money in times of need.

Paper process will end

Currently, online claim, verification and processing to withdraw PF takes several days. After EPFO ​​3.0, this process will be simplified. Through Aadhaar based verification and digital process, claim settlement will be faster and paper formalities will be reduced.

What else will change in EPFO ​​3.0?

EPFO 3.0 not only includes UPI-based withdrawals, but also features like auto-claim settlement, better digital services and easy access to PF accounts. Its aim is to make EPFO ​​services as fast and user-friendly as banking apps.

thing worth noting

However, there have been reports that the testing phase for PF withdrawal facilities through UPI and ATM has been completed, but these facilities are yet to be rolled out in a phased manner. The government and EPFO ​​are currently making preparations to implement it soon.