EPFO member may soon be able to withdraw EPF money through ATMs, UPI directly
New Delhi, 24 June (PTI) Pension Fund body EPFO subscribers can withdraw the Specialization Fund of the Employees (EPF) by connecting bank accounts with EPF, after ATMs or other modes such as UPI.
A highly placed resource, the Ministry of Labor said that the Ministry of Labor is working on a project where a particular part of EPF will be frozen, and that a large part will be available to withdraw from bank accounts using various modes such as UPI or ATM bank cards.
The source also said that there are some software difficulties solved to implement this system.
Currently, employees have to apply for withdrawal requests to access time -consuming EPF money.
Under the automatic placement mode, the withdrawal requests are settled electronically without manual intervention within three days after completing the application form.
The limit of this automatic placement mode, La5 Lakh on Tuesday La1 Lakh.
This will make it easier for many EPFO members to access EPF money within three days for illness, education, marriage and housing.
EPFO, who is more than 7 Crore member, first introduced online automatic seats during the COVİD-19 PANDEM to provide rapid help to those who face financial Crunch.
However, all members must make requests to access their EPF.
The new system is developing to avoid this time -consuming process and reduce the burden of EPFO, because every year it makes more than 5 demands to withdraw EPF.
The source said EPFO members cannot allow their members to withdraw money directly from EPF accounts because there is no banking license in the body.
However, the source said the government wanted to develop EPFO’s services equally with banks.
