Employees Provident Fund Organization

Employees Provident Fund Organization i.e. EPFO ​​is soon going to launch a big facility for crores of its account holders. By the end of May, the facility to withdraw PF money through ATM and UPI can start. With this, about 7.8 crore subscribers will be able to get money immediately without much paperwork.

EPFO 3.0 will change the method of withdrawing PF

The new facility is part of the EPFO ​​3.0 project. Its objective is to make the entire process related to PF easy, fast and completely digital. It is believed that this system will be fully implemented by mid-2026. After this, facilities like PF claim, account transfer and withdrawal of money will become easier than before.

Now not in 10-20 days, you will get money in a few days

Under EPFO ​​3.0, claims up to ₹ 5 lakh will be settled automatically. With this, the claim processing time can be reduced from 10-20 days to just 2 to 5 days. For accounts verified with Aadhaar, there will be no need to upload photo of passbook or cheque. The entire process will be paperless.

How to withdraw PF money through ATM and UPI?

In the new system, EPFO ​​will give a special ATM card to its members, which will be directly linked to their PF account. With the help of this card, users will be able to withdraw cash from the ATM machine. At the same time, PF money can also be transferred to the bank account through UPI apps like PhonePe, Google Pay. There is a possibility of withdrawal facility of up to Rs 1 lakh in the initial phase.

PF will be transferred automatically on change of job

Those who change jobs will also get relief in EPFO ​​3.0. Now the PF balance will be automatically transferred from the old employer to the new employer. For this there will be no need to visit the company again and again.

Who will get this facility?

There will be some necessary conditions to withdraw PF from ATM and UPI. The member's UAN must be active and linked to Aadhaar, PAN and bank account. If an employee loses his job, he can withdraw up to 75% of his PF after one month. The remaining 25% amount can be withdrawn after two months.

How right is it to withdraw more from PF?

Experts say that PF is the most important savings for retirement. The compound interest earned in this creates a big fund in the long run. In such a situation, it is considered better to make withdrawals only when necessary.

Tax rules on PF withdrawal

If the employee has completed a total of 5 years of service, then there is no income tax on withdrawal of PF. This period can also be completed by combining jobs in one or more companies.

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