EPF UPI Withdrawal Soon: Instant Access to Provident Fund Without Claims

• EPFO subscribers may soon access a portion of their provident fund instantly via UPI, with direct bank transfers expected by April.
• The labour ministry is developing a system for EPF members to withdraw part of their savings without formal claims, while a core amount remains locked for retirement.
• Members will see their eligible EPF balance and transfer funds directly using their linked UPI ID and PIN, ensuring quick, secure, and seamless transactions.
• The new system aims to eliminate the current claim filing process, which, despite auto-settlement, still involves paperwork and system checks.
• This initiative is expected to benefit nearly eight crore subscribers, significantly reducing EPFO's workload of processing over five crore claims annually.

Why It Matters: EPFO to enable instant, claim-free EPF withdrawals via UPI, enhancing accessibility for millions of subscribers.