EPFO New APP: Very soon, withdrawing money from Employees Provident Fund (PF) is going to be easier than ever. Employees’ Provident Fund Organization (EPFO) is working on a new mobile application, through which PF account holders will be able to withdraw a part of their funds directly through UPI. This app is expected to be launched in the month of April. According to news agency PTI, the aim of this initiative is to improve digital service delivery and reduce the time taken for PF withdrawal to a great extent.
EPFO working on new app
Under the project which is being worked on at the level of Labor Ministry, a certain minimum amount will be kept safe in the EPF account, while the remaining amount can be withdrawn directly from the bank account through UPI. Along with this, EPF members will also be able to easily check their passbook balance through this new app. At present, to check PF balance or withdraw, one has to resort to UAN portal or Umang app, but these platforms will continue to work as before and the new app will make these services simpler.
EPFO is currently testing this system on about 100 dummy accounts, so that technical flaws can be removed and the capability of the system can be tested. Currently, to withdraw PF, members have to file a withdrawal claim, which often takes a lot of time. However, under auto settlement mode, claims are settled electronically within three days of application.
Will make services easier
EPFO has already increased the withdrawal limit under auto settlement from Rs 1 lakh to Rs 5 lakh, so that members can withdraw funds faster for needs like illness, education, marriage or house construction. The organization has about eight crore members and the auto settlement claim service was started during Covid-19, so that people facing financial crisis can get immediate relief. Although even then it was necessary to file a claim, but now the new UPI based system is being considered a big step towards making this entire process almost instantaneous.
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