Latest news with #EPF
The Hindu
4 hours ago
- General
- The Hindu
EPFO outreach programme held in Salem
The Nidhi Aapke Nikat (PF near you), the monthly district outreach programme of EPFO, was conducted by the regional office in Salem and district offices in Erode, Namakkal, Dharmapuri, and Krishnagiri districts recently. In the programme, Pension Payment Orders (PPOs) issued under the special campaign for settlement of death claims were handed over to beneficiaries/family members of the deceased members. The officials intimated that any beneficiaries/nominees of the deceased EPF members who are yet to get the statutory benefits under the EPF Act and scheme may approach the regional office in Salem or concerned district offices for suitable guidance to avail the benefits.
News18
7 hours ago
- Business
- News18
EPFO 3.0: When Will PF Withdrawal Via UPI, ATM Begin? All You Need To Know
Last Updated: One of the most-anticipated features of the EPFO 3.0 is the ability for EPF subscribers to withdraw funds via UPI and ATM, which could revolutionise how PF is managed and accessed. In a significant step towards enhancing funds accessibility for salaried employees, the Employees' Provident Fund Organisation (EPFO) is likely to launch EPFO 3.0 in June 2025, according to a DD News report. One of the most anticipated features of this digital transformation is the facility for EPF subscribers to withdraw funds using UPI and ATMs, potentially revolutionising provident fund (PF) account management and access. What is EPFO 3.0? EPFO 3.0 represents a comprehensive digital upgrade to the current EPF system. While existing systems require members to log in through the EPFO portal and submit claims processed over several days, version 3.0 is expected to significantly reduce turnaround time and offer real-time access to funds through user-friendly platforms like ATMs and UPI apps. This marks a shift from a partially manual process to a seamless digital interface. How Will ATM and UPI Withdrawals Work? Though the precise operational details are awaited, the EPFO 3.0 upgrade is expected to integrate PF accounts with the broader financial infrastructure supporting the Unified Payments Interface (UPI) and ATM networks. This would allow subscribers to withdraw eligible EPF funds directly via UPI apps or bank ATMs, possibly using a secure PIN or Aadhaar-based verification. Withdrawal limits and conditions are likely to be implemented to ensure fund safety and compliance. Benefits of Digital Withdrawals Experts suggest the new digital withdrawal methods promise multiple benefits. Firstly, it enhances convenience by eliminating paperwork and lengthy waiting periods. Secondly, it enables anytime, anywhere access to EPF savings, crucial in emergencies. Thirdly, it aligns with the broader vision of Digital India and financial inclusion by integrating government-backed savings schemes with the digital financial ecosystem commonly used by most Indians. Implementation Timeline and Future Outlook As per the DD News report, the launch of EPFO 3.0 is anticipated in June 2025, though an official confirmation of the date is pending. A phased rollout or pilot testing in select regions may precede nationwide implementation. This development is likely to impact over six crore EPF account holders across India. First Published:
Time of India
15 hours ago
- Business
- Time of India
Deadline to activate UAN for EPFO's ELI Scheme extended again; Check new last date, how to activate your UAN and avail benefits
Employees can activate their UAN through the EPFO portal using an Aadhaar-based OTP. This activation is mandatory to claim monetary benefits under the ELI scheme announced in the Union Budget 2024. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads What is UAN? How to activate EPF UAN through Aadhaar-based OTP? Why employees must do this? The Employee Provident Fund Organisation ( EPFO ) has extended the deadline for UAN activation and seeding of your bank account with Aadhaar for availing of the benefits under the Employment Linked Incentive (ELI) Scheme. UAN stands for Universal Account Number. The UAN helps Employee Provident Fund (EPF) member to track different EPF account numbers with different organisation with the help of single last date to activate UAN and Aadhaar seeding in bank account under ELI SchemeThe last date to activate UAN and Aadhaar seeding in bank account is June 30, 2025. The deadline has been extended multiple times to the EPFO circular issued on May 30, 2025, 'Please refer to the circulars mentioned under references. In this connection, the competent authority has granted an extension of timeline for UAN Activation and AADHAAR seeding in Bank Account till 30th JUNE, 2025. 'The UAN is a 12-digit number assigned by the Employees' Provident Fund Organisation to every eligible salaried employee. It serves as a single point of access for managing their PF accounts across different employers throughout their career, enabling them to track and access their provident fund balances under one umbrella to a PIB release on November 21, 2024, employees can complete the UAN activation process using an Aadhaar-based OTP (One-Time Password). Here are some simple steps for employees to activate their UAN to avail ELI scheme benefits:Step 1: Go to the EPFO Member 2: Click on the "Activate UAN" link under "Important Links"Step 3: Enter UAN, Aadhaar number, name, DOB, and Aadhaar-linked mobile 4: Employees should ensure their mobile number is Aadhaar-linked to access the full range of EPFO's digital servicesStep 5: Agree to Aadhaar OTP 6: Click ""Get Authorisation PIN" to receive an OTP on your Aadhaar-linked mobile 7: Enter the OTP to complete the activationA password will be sent to your registered mobile number upon successful the UAN is activated, employees can easily access EPFO's wide range of online services, such as managing their PF accounts, viewing and downloading PF passbooks, submitting online claims for advances, withdrawals, or transfers, updating personal information, and real-time claim of Universal Account Number (UAN) and seeding of an Aadhaar to a bank account is a must for employees who wish to claim the monetary benefits of the Employment Linked Incentive (ELI) scheme, which is administered through EPFO. This mandatory exercise needs to be completed, if you want to get the benefits of the ELI scheme. Finance Minister Nirmala Sitharaman announced this new scheme during the Union Budget 2024 in July and there are three types of ELI schemes (A, B, and C).
Time of India
a day ago
- Business
- Time of India
EPFO likely to allow instant PF withdrawals via UPI and ATMs from June 2025
The Employees' Provident Fund Organisation (EPFO) is set to revolutionize the way millions of employees access their provident fund (PF) savings. Starting June 2025, EPF members will be able to instantly withdraw PF funds via Unified Payments Interface (UPI) and ATMs, according to DD News. This major step is being implemented with the support of the Ministry of Labour and Employment and has already received approval from the National Payments Corporation of India (NPCI). The new facility will also allow users to check their PF balance directly on UPI platforms and transfer funds to their bank accounts without delays. Instant PF withdrawals under EPFO 3.0 Currently, PF withdrawals involve submitting online claims followed by a waiting period for approval from EPFO field offices. This process can take several days or even weeks. However, the upcoming integration with UPI and ATMs is expected to make settlements instantaneous. Members will be allowed to withdraw up to ₹1 lakh instantly—especially helpful in emergencies. 'EPFO has made significant improvements in its digital infrastructure by integrating over 120 databases,' said Sumita Dawra, Secretary at the Ministry of Labour and Employment. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Perdagangkan CFD Emas dengan Broker Tepercaya IC Markets Mendaftar Undo '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.' Expanded withdrawal purposes Currently, the EPF scheme allows withdrawals for medical emergencies, housing, education, and marriage, but members must meet specific eligibility criteria and provide proper documentation. With the upcoming changes, the scope of permitted withdrawal reasons will be expanded, giving employees greater financial flexibility for key life events. In another significant development, pensioners under the Employees' Pension Scheme (EPS) of 1995 will be able to access their pensions from any bank branch across India starting January 1, 2025. This means retirees will no longer be restricted to specific banks or branches. Even if a pensioner relocates or changes banks, pension disbursal will continue seamlessly through the Centralised Pension Processing System (CPPS), eliminating the need to transfer Pension Payment Orders (PPO) between offices. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
India Today
a day ago
- Business
- India Today
EPFO 3.0 to launch with UPI integration and ATM withdrawals: Launch date, features and all you need to know
Employees Provident Fund (EPF) members are in for a big breather in terms of ease of use and convenience from June of this year. A major digital overhaul is on the cards for India's retirement savings system as EPFO prepares to launch its next-generation platform, EPFO 3.0, starting on June 1, 2025. With over 9 crore active members, the organisation is now set to make provident fund access easier, faster, and more in sync with the digital upgrade comes on the heels of Union Labour and Employment Minister Mansukh Mandaviya's earlier statement confirming that the rollout would take place between May and June 2025. The new platform marks a significant shift in how EPF services are delivered. It is backed by a modern IT infrastructure aimed at reducing paperwork and manual processing. Let's dive deeper into the details of the upcoming 3.0: Launch dateStarting June 1, 2025, a wave of important financial changes are set to roll out across India, bringing updates that will affect everything from personal savings to credit card regulations and access to provident fund accounts. At the heart of these developments is the much-anticipated launch of EPFO 3.0, EPFO's newly upgraded digital platform. Designed to make the system more user-friendly and efficient, EPFO 3.0 will be rolled out on June 1, Aside from the EPFO update, June will bring a number of other financial changes. Major banks such as HDFC, Axis Bank, and Kotak Mahindra Bank are tweaking credit card rules, while consumers must also keep an eye on upcoming deadlines for Aadhaar updates, TDS certificate issuance, and special FD scheme 3.0 upcoming featuresUPI and ATM withdrawals: One of the most anticipated features of EPFO 3.0 is the introduction of ATM-like access to EPF funds. At present, withdrawing money from your Provident Fund (PF) account typically means filing an online claim and then patiently waiting for approval from an EPFO field office — a process that can often stretch over several days, if not weeks. But that's all set to change. With the introduction of UPI integration and ATM-based withdrawal facilities, the entire process is about to become far quicker and considerably more the new system, members of the Employees' Provident Fund Organisation will no longer need to endure lengthy delays. Instead, they'll be able to access up to Rs 1 lakh almost instantly. Additionally, they'll be able to transfer funds to their bank accounts on the spot, bypassing the usual claim-processing essence, the days of cumbersome withdrawal procedures are correction: Another major advantage of the upgraded system is the shift to digital self-service options. Members will now be able to update account details such as their name, date of birth, or contact information online, without having to submit forms or visit an EPFO support these updates securely, the new system will feature OTP-based verification, streamlining the process and ensuring data accuracy with minimal addition, the EPFO is introducing a revamped grievance redressal system to handle complaints more efficiently. With a digital interface and better tracking, the new mechanism is expected to deliver quicker resolutions and reduce frustration among with other schemes: EPFO 3.0 is also being positioned as a gateway to wider social protection, with plans to integrate other government schemes such as the Atal Pension Yojana (APY) and Pradhan Mantri Jeevan Bima Yojana (PMJJBY). This integration could significantly benefit workers in the unorganised and informal sectors, bringing multiple financial safety nets under one platform.
