Claim Provident Fund Money Using UPI? EPFO Reportedly Working On Process: Reports

New Delhi: The Employees' Provident Fund Organisation (EPFO) is reportedly working on enabling subscribers to process Employees' Provident Fund (EPF) claims using United Payment Interface (UPI) systems and receiving a seamless money transfer, Financial Express quoting official sources said. 

Once the EPF is connected to UPI, users would have easy access to their claim amount through a digital wallet, reported the FE.

FE said, according to the official source, the EPFO is in talks with the National Payment Corporation of India (NPCI) to introduce the feature on UPI systems within the next two to three months. 

What will happen when EPF is linked to UPI?

The EPFO is implementing this change to make its 7.4 million customers more accessible through the integration with UPI. 

To streamline withdrawals and enhance user experience, the labour ministry is updating EPFO's digital systems in partnership with the RBI and commercial banks.

Once the EPF is connected to UPI, subscribers will have easy access to their claim amount via a digital wallet.

Members in remote locations will be able to take advantage of the Pradhan Mantri Jan Dhan Yojana's transaction ease thanks to the UPI technology's inclusion policy.

Withdrawal Of PF Money Via ATM

Starting next year, EPFO subscribers will have the ease of withdrawing their provident funds directly from ATMs, as announced by Labour Secretary Sumita Dawra in December last year.

Labour Secretary Sumita Dawra emphasised efforts to simplify and expedite claim settlements, stating, "We are settling claims quickly and are working to make the process easier to improve the ease of living. A claimant, beneficiary, or insured person will be able to access their claims conveniently through ATMs, with minimal human intervention."