EPF withdrawals via ATM, instant UPI as EPFO 3.0 likely to roll out in June 2025
Remove Ads
Withdrawing EPF funds instantly under EPFO 3.0
Tired of too many ads?
Remove Ads
Pension changes for EPFO from January 1, 2025
The Employees' Provident Fund Organisation (EPFO) plans to change how millions of employees withdraw their provident fund (PF) funds. It is likely that from June 2025, EPF members will be able to withdraw PF funds instantaneously via UPI and ATMs, eliminating the lengthy and methods of the past, according to the DD news.This initiative is being implemented with the support of the Ministry of Labour and Employment and has received approval from the National Payments Corporation of India (NPCI). EPF members will also be able to check their PF balance directly on UPI platforms and transfer funds to their preferred bank accounts without delays.Also read: EPF changes in 2025: New form to transfer EPF account, instant UAN activation, other announcements made by EPFO that you need to know Currently, Withdrawing PF funds involves submitting online claims and waiting for approvals from field offices of EPFO. This can take several days or even weeks. However, with the upcoming UPI integration and withdrawal facility via ATM, EPF withdrawal settlement will become instant and hassle-free.Gone are the days of submitting online claims and waiting days or even weeks for PF withdrawals. With the new UPI integration, EPFO members can withdraw up to Rs 1 lakh instantly, making funds readily available during emergencies. According to Sumita Dawra, Secretary at the Ministry of Labour and Employment, this update allows employees to check their PF balance directly on UPI platforms and transfer funds to their bank accounts without delays, as per DD report.Expanded reasons for PF WithdrawalsCurrently, EPF scheme allows withdrawals for medical emergencies, Housing (e.g., home purchases or renovations), Education (e.g., funding higher studies), Marriage (e.g., wedding expenses). However, to make the EPF withdrawal, an EPF member is required to fulfill certain criteria. Once the specific conditions are met, KYC and other documents are in order, only then EPFO successfully settles the claim.This proposal to expand the EPF withdrawal scope ensures that employees can tap into their PF savings for critical life events, making the system more responsive to their needs. This step aims to give more financial flexibility to employees. 'EPFO has made significant improvements in its digital infrastructure by integrating over 120 databases,' Dawra said.'These efforts have reduced claim processing time to just three days, with 95 per cent of claims now being processed automatically. Further upgrades are also in progress to make the system even more efficient,' she stated.Pensioners covered by the Employees' Pension Scheme (EPS) of 1995 will be able to access their pension from any bank branch in India as of January 1, 2025. This means that retirees can obtain their benefits from any bank or branch in India.Additionally, even in the event that a pensioner relocates or switches banks or branches, the CPPS will guarantee pension delivery across India without requiring the transfer of Pension Payment Orders (PPO) from one office to another.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
37 minutes ago
- Time of India
Now, Gill's a smash hit with brands
Gill MUMBAI: Indian cricket's latest blue-eyed boy, Shubman Gill , is the new favourite with brands. His stellar performance in the India-England Test series, both as captain and batsman, had already bolstered his brand value. Now, Gill's selection for the Asia Cup as vice-captain will only give further impetus to his brand equity. A Gen Z with much of his career ahead of him, Gill has all the chops a brand looks for. "Gill's brand value has appreciated by 30%-40% post the India-England series. His brand fees will increase anywhere in the range of 25%-50% depending on the kind of brand approaching him," Neeraj Jha, senior sports analyst and commentator, told TOI. From automobiles to global luxury brands, queries for Gill have shot up from an average of three to four per month to about 10-15 now, sources aware of discussions said. Gill currently charges endorsement fees in the range of Rs 4-5 crore for one brand per year. That can now easily go up to anywhere between Rs 6-8 crore, said Neerav Tomar, managing director and CEO at IOS Sports. Another analyst said that a few of his earlier deals were in the range of Rs 2-Rs 3.5 crore. "Gill already endorses close to 20 brands, and this number should go up. Youthful brands will seek new faces. Gill is the new Virat Kohli ," Tomar said. Gill's team, however, declined to comment. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like TV providers are furious: this gadget gives you access to all channels Techno Mag Learn More Undo The cricketer bagged a few big deals before the Test series. Tyre major MRF and global eyewear brand Oakley (for India) signed Gill as their brand ambassadors. Gill also expanded his associations with Casio and Coca-Cola during the year. From about eight brand associations in 2023, Gill's brand portfolio nearly doubled to 16 in 2025. The cricketer is estimated to have earned about Rs 40 crore in endorsement earnings in 2024. "A lot of MNCs are looking to sign Gill. Small brands can't afford him. His fees will only go up if he keeps on delivering," said Amitesh Shah, founder and CEO at sports, media, and entertainment company Legaxy, who estimates Gill's brand value to see a boost of over 40%. Sources said that Gill is "selective" about his brand partnerships, ensuring alignment with his values and career journey. Going ahead, perenniality (ability to deliver across all cricket formats) will be key for Gill to bag big brand deals, said Sandeep Goyal, chairman at Redifussion. "Perenniality leads to continued visibility, which is key to the endorsement game," said Goyal. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Time of India
38 minutes ago
- Time of India
Stocks in news: IndusInd Bank, India Cements, Godrej Properties, Clean Sciences, Exide Industries
Market extended gains for the fifth consecutive session on Wednesday. In today's trade, shares of IndusInd Bank , India Cements , Godrej Properties , Clean Sciences, Exide Industries among others will be in focus due to various news developments. IndusInd Bank IndusInd Bank has taken decisive measures to address the identified legacy issues in treasury and microfinance as part of its efforts to come out of the financial mess caused by past frauds, the bank's chairman Sunil Mehta has said. Godrej Properties Mumbai-based Godrej Properties (August 20) announced the acquisition of a 7% stake in Godrej Skyline Developers (GSDL) for a total consideration of Rs 9.25 lakh from existing shareholders. Clean Sciences Promoters Ashok Boob and Krishna Boob are likely to sell up to 24% stake in Clean Sciences through a block deal, according to reports. Exide Industries Live Events Exide Industries has invested Rs 100 crore in its wholly-owned subsidiary, Exide Energy Solutions through a rights issue. Vedanta Vedanta has informed the NCLT about its intention to issue a corporate guarantee, which will be in favour of the Ministry of Petroleum and Natural Gas (MoPNG). Jupiter Wagons Jupiter Wagons received letter of intent worth Rs 215 crore for supply of 5,376 wheelsets for Vande Bharat Train. India Cements UltraTech board approved selling up to 6.49% stake in India Cements via OFS.
Time of India
an hour ago
- Time of India
UltraTech to offload shares worth 740 crore in India Cements
CHENNAI: A little over a year after UltraTech Cement acquired India Cements, billionaire industrialist Kumar Mangalam Birla 's building materials flagship is set to sell Rs 740 crore worth of India Cements shares to comply with Sebi's minimum public shareholding norms. Currently, UltraTech owns 81.5% of India Cements, while the capital market regulator's rules mandate that listed companies must have at least 25% of their shares owned by the public. UltraTech will sell 6.5% of India Cements between Thursday and Friday, bringing its stake lower to 75%. It has fixed the floor price for the share sale at Rs 368 apiece, which is slightly lower than India Cements' Wednesday closing price of Rs 370 on the BSE. UltraTech's stake went over 75% after an open offer that was triggered when its holdings in India Cements crossed a specific threshold. The open offer for an extra 26% stake to India Cements' public shareholders was oversubscribed, which was a rare occurrence in such offers. According to Sebi rules, India Cements has until Feb 3, 2026, to ensure enough shares are held by the public. In June 2024, Birla first checked into India Cements by buying 24% from ace investor and DMart store founder Radhakishan Damani. A month later, he acquired 32.8% from India Cements founding family N Srinivasan and some of his relatives. The acquisition triggered Birla to make an open offer for another 26% to India Cements' public shareholders. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
