EPF UPI Withdrawals Coming Soon: Faster Access to Savings for 8 Crore Members

• EPFO is developing a UPI-based system for faster EPF withdrawals, potentially launching by April, benefiting 8 crore members.
• The new system will split EPF accounts, allowing members to withdraw a portion of their savings directly into bank accounts via UPI PIN.
• This aims to streamline the current cumbersome claim process, reducing administrative burden on EPFO which settles over 5 crore claims annually.
• The Central Board of Trustees approved an overhaul of partial withdrawal rules, simplifying 13 provisions into three categories.
• Members will be able to withdraw up to 100% of the eligible balance, with 25% maintained as a mandatory buffer for retirement security.

Why It Matters: EPFO is set to introduce UPI-based withdrawals and simplified rules for faster, more flexible access to funds.