EPF withdrawals via ATM, instant UPI as EPFO 3.0 likely to roll out in June 2025
Tired of too many ads?
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
32 minutes ago
- Time of India
Gold price cools, silver stays firm at 1.04L/kg in Ahmedabad
Ahmedabad: After breaching the Rs 1 lakh mark, cooled off on Saturday to settle at Rs 99,200 per 10 grams, down by Rs 700 in a single trading session. Silver, however, continued to stay firm at Rs 1.04 lakh per kg. Tired of too many ads? go ad free now Bullion traders and analysts attributed the correction in gold to easing geopolitical tensions and profit booking by investors after a sharp rally. "Some cooling was expected as gold touched record highs recently. However, overall sentiment remains bullish in the medium term," said a bullion dealer from the city. Silver, on the other hand, maintained its upward trajectory, buoyed by strong industrial demand and global market trends. Traders anticipate volatility in both metals in the coming days, hinging on international cues, inflation data, and interest rate signals from the US Federal Reserve. Despite the dip, jewellers have hopes pinned on muhurats and the festival season for demand to regain some momentum.
Hans India
42 minutes ago
- Hans India
Tripura: Authorities get strict as 60 per cent consumers found not paying power bills
Agartala: Around 60 per cent electricity consumers in Tripura do not pay energy bills, forcing the authorities to take drastic steps including disconnection of power lines and imposition of hefty fines against the defaulters, an official said on Saturday. A senior official of the Tripura State Electricity Corporation Limited (TSECL) said that out of 9.87 lakh electricity consumers in the state, only 4.32 lakh customers are paying their bills on time. 'Lakhs of electricity consumers, mostly in rural and interior areas, do not pay their electricity bills. We have imposed a hefty fine and disconnected electric lines of the defaulters,' the official said. He said that during the past two years, the electricity lines of thousands of default consumers were disconnected. 'In many occasions, the TSECL engineers and workers were attacked or prevented when they went to disconnect the power lines of default consumers,' the official said. Tripura Power and Agriculture Minister Ratan Lal Nath earlier said that the TSECL has undertaken a massive effort across the state to install rooftop solar power plants in thousands of homes under the PM Surya Ghar Muft Bijli Yojana, a central scheme encouraging rooftop solar power adoption through generous subsidies. Under the scheme, residents can install rooftop solar panels and not only reduce their electricity expenses to zero but also earn refunds for surplus energy supplied back to the grid, the Minister had said. 'My last power bill before installing the solar plant was Rs 8,726. Now, after switching to solar, I received a refund of Rs 763 from TSECL,' Nath said. The TSECL purchasing power from the solar power suppliers at Rs 2.65 per unit the Minister had said adding that over 300 households have installed rooftop solar plants so far in Tripura and thousands of families registered their names seeking to install such solar plants under the PM Surya Ghar Muft Bijli Yojana. Nath on Friday said that the TSECL is contemplating to use drones and other technologies to detect power theft, power loss and illegal hook line usage in the state. The Minister urged the people to pay electricity bills on time and help the corporation to ensure steady power supply by discouraging theft and wastage. Tripura has been a power surplus state since 2011 and supplies electricity to other northeastern states and neighbouring Bangladesh from its several gas-based power plants.
Time of India
an hour ago
- Time of India
Gujarat chief minister inaugurates Infosys development centre at GIFT City
Ahmedabad: Gujarat chief minister Bhupendra Patel on Friday inaugurated a new Infosys development centre at GIFT City, Gandhinagar, built with an investment of Rs 32 crore. The facility will focus on fintech-driven solutions leveraging artificial intelligence, data analytics, blockchain, and cloud technologies. With a target to employ at least 1,000 professionals, the centre aims to provide advanced digital infrastructure and develop AI-powered tools for global financial institutions, including solutions for digital payments, smart contracts, and asset tokenisation, according to the state govt. "Gujarat is committed to building a robust AI ecosystem. We are poised to lead India's transition into a knowledge-based economy. The establishment of an AI Centre of Excellence in GIFT City would foster collaboration among professionals, experts, and startups," said Patel. Gujarat has actively promoted AI, semiconductor, and electronics sectors and is ready to emerge as a global soft power, the CM explained. Last month, Chennai-headquartered tech giant Cognizant also opened its techfin centre in GIFT City, Gandhinagar, which is also home to giants like Bank of America, Google, and IBM, among others. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với mức chênh lệch giá thấp nhất IC Markets Đăng ký Undo Infosys CEO Jayesh Sanghrajka highlighted the company's four-decade journey and its global presence across 56 countries, supported by a workforce of over 3.2 lakh. He noted that Infosys was consistently recognised as one of India's best workplaces, especially for women.
