Mumbai, May 16: The Employees' Provident Fund Organisation (EPFO) is set to make a significant digital overhaul to increase convenience for its subscribers. EPFO will soon allow claim processing via UPI to increase efficiency and decrease transaction time. Subscribers can also withdraw their provident fund (PF) savings directly from ATMS, with these new features set to roll out by May or June 2025, Union Labour and Employment Minister Mansukh Mandaviya said.

The Labour and Employment Ministry has approved a proposal by the National Payments Corporation of India (NPCI), which oversees retail payment systems in India. Talking to PTI, Union Minister Mansukh Mandaviya announced that EPFO is set to launch Version 3.0, the latest technology-based platform aimed at simplifying and speeding up services for over nine crore subscribers. PF Withdrawal Online via UPI: EPFO in Discussion With NPCI To Introduce UPI-Based EPF Withdrawals Soon, Check Details.

During an interview with ANI, Labour and Employment Secretary Sumita Dawra made a formal announcement that EPFO members would soon be provided with new digital withdrawal facilities through UPI and ATMS, which are expected to be in use by the end of May or June. She emphasised that members will be capable of verifying their PF balance using UPI, withdrawing up to INR 1 lakh instantly through an automated mechanism, and choosing the bank account from where the money will be credited. Dawra further added that withdrawal objectives have been extended to include housing, education, and marriage expenses, apart from the current facility for medical expenses. EPFO 3.0 Will Allow Subscribers To Withdraw PF From ATMs, App Launch Likely by May or June This Year.

Currently, EPFO members cannot withdraw their PF through UPI. But once this facility is available, the claim settlement would take only a few minutes, a substantial reduction from the existing 2–3 days. Just as UPI has transformed digital payments, this enhancement is likely to significantly simplify and accelerate PF withdrawals for members.

(The above story first appeared on LatestLY on May 16, 2025 06:53 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).