EPFO to Enable UPI-Based PF Withdrawals: Faster, Easier Access to Funds

• The Employees' Provident Fund Organization (EPFO) is set to introduce UPI-based PF withdrawals, making the process as simple as sending money via a mobile app.
• This new system aims to significantly reduce claim processing time, which currently takes days or weeks, to potentially instant transfers.
• The National Payments Corporation of India (NPCI) is developing the system, with a rollout expected within two to three months.
• Initially, UPI-based PF withdrawals will be available only on the BHIM app, with plans to expand to PhonePe, Google Pay, and Paytm later.
• The system will automate verification of Aadhaar, bank accounts, and PF records, ensuring quick processing for eligible withdrawals like medical emergencies or education.

Why It Matters: EPFO is launching UPI-based PF withdrawals for faster, easier access to funds, starting with the BHIM app.