EPFO to Allow UPI Partial Withdrawals from April, Benefiting 8 Crore Members

• EPFO plans to introduce UPI-based partial withdrawal facility for EPF from April, directly transferring funds to bank accounts.
• A senior official stated that a portion of EPF will remain frozen, while a larger part will be available for UPI withdrawal.
• The new system aims to simplify withdrawals, replacing the time-consuming claim filing process and benefiting over 8 crore members.
• The auto-settlement limit for specific needs has already been increased from ₹1 lakh to ₹5 lakh.
• The Central Board of Trustees approved simplifying partial withdrawal rules, consolidating 13 complex rules into one, allowing 100% eligible withdrawal while maintaining 25% in the account.

Why It Matters: EPFO is set to revolutionize EPF withdrawals with UPI integration and simplified rules, enhancing member access and ease.