EPFO to launch new app for instant EPF withdrawals via UPI in April

• EPFO to introduce a new mobile application in April, enabling members to withdraw EPF money directly into bank accounts using UPI.
• A portion of EPF will be frozen, while a large chunk will be available for withdrawal through UPI.
• The new app will also offer other services like passbook balance, complementing existing UAN portal and UMANG app access.
• Subscribers can view eligible EPF balance and use their linked UPI PIN for secure fund transfers.
• The system aims to streamline withdrawals, reducing the current time-consuming claim process and the burden on EPFO, which settles over 5 crore claims annually.