You will get full PF money in minutes through UPI!
If you work in government or any private sector and your PF is deducted every month, then this news is for you. Actually, the Employees Provident Fund Organization (EPFO) is now going to speed up the process of PF claim through UPI. Labor and Employment Secretary Sumita Dawra said on monday that UPI will be integrated into the EPFO system by the end of May 2025. This will benefit 7.5 crore active EPF members, whose PF account will be able to transfer money immediately.
What will be the new system?
Claims up to Rs 1 lakh are already automated, now it will be faster with UPI. Apart from this, account holders will be able to link EPFO account to their UPI app (like PhonePe, google Pay, Paytm). At the same time, auto-claim facility will also be available. That is, if the member is eligible, the money will be deposited immediately. As of now, claim processing takes 3 days, after UPI comes, money will be available in a few minutes.
Improvement in database and pension system
EPFO has created a centralized database for the first time, which will take 2-3 weeks to become fully stable.
78 lakh pensioners will now be able to get pension from any bank (earlier only a few banks were notified).
Centralized pension system has been implemented on the advice of RBI.
New schemes related to employment
The budget of Employment Linked Incentive (ELI) scheme has been increased from 10,000 crores to 20,000 crores. Employed youth, existing employees and platform workers will get the benefit of this. Platform workers will also get free health insurance under the online PMJAY scheme.
By when will UPI facility be available?
EPFO has prepared a proposal by taking suggestions from National Payments Corporation of india (NPCI). UPI will be launched by the end of May after frontend testing. Let us tell you, till now there was talk of withdrawing PF money from ATM. EPFO had also given instructions that ATM facility will start in a few months. However, now if the PF account is directly linked to UPI, then people will hardly need ATM.
