EPFO to Allow PF Withdrawals via UPI from April: Faster, Easier Access to Funds

• EPFO is set to introduce UPI-based withdrawals for PF accounts starting April, aiming for faster and more transparent access to funds for millions of members.
• The new system will simplify PF withdrawal rules, consolidating 13 partial withdrawal rules into three main categories: urgent needs, house construction, and special circumstances.
• Members can withdraw their entire account balance, but a minimum of 25% must remain to ensure continued annual interest benefits of 8.25%.
• The auto-settlement system, expanded to all withdrawal types, will process over five crore claims annually using modern software, enabling mobile-based transactions.
• Union Labour Minister Mansukh Mandaviya has approved these proposals, with an official notification expected soon, marking a significant step towards Digital India.

Why It Matters: EPFO is revolutionizing PF withdrawals with UPI integration from April, offering faster, simpler, and more transparent access to funds.