EPFO Plans ATM And UPI Facility For PF Withdrawals

Government Intends to Ease PF Withdrawal Process:

The central government is working on providing a single-window solution for Employees' Provident Fund (EPF) withdrawal. Earlier, the government had decided to provide the facility for PF withdrawals via ATM and UPI. Now, Union Labour Minister Mansukh Mandaviya has given the latest deadline for this service.

New Deadline Announced

The minister told an English news channel in an interview that this ATM and UPI withdrawal facility will be available by March 2026. He said this is aimed at making PF withdrawal easy and quick for subscribers.

Key Details Shared by the Minister

Mansukh Mandaviya said, "PF money belongs to the subscriber." He further explained that the subscribers can withdraw up to 75% of their PF amount without giving any reason. Work on PF withdrawal through ATMs is in progress. Further, the UPI-based withdrawal system is also under development.He further said that earlier, subscribers were made to submit many documents to withdraw their PF, which the government is reducing.

Linking Accounts for Easier Access

The Minister said that in the case of most subscribers, Aadhaar and UAN are already linked. "Once the PF account is linked with the bank account, subscribers can draw money using debit card through ATM machines," he added.

Changes in EPFO Withdrawal Rules

The Union Minister said EPFO withdrawal rules were amended in October this year. Earlier, there were 13 different rules for partial withdrawals. These have been put under a single umbrella and grouped into three categories.

Withdrawal under New Rules by Eligible Person

Under the revised structure: - Subscribers can withdraw the eligible amount under three clear categories - Withdrawals include both employee and employer contributions - Maintaining of a minimum balance at 25% - Full withdrawal post retirement after attaining age of 55 years - Full withdrawal after 12 months of unemployment