The Employee Provident Fund Organization (EPFO) will change the way subscribers withdraw their funds. It is said that to make transactions smoother, EPFOs are getting faster and faster, allowing users to withdraw their employees’ Propident Fund (EPF) claims directly from UPI platforms such as Google Pay, PhonePe and Paytm. The program is expected to immediately transfer funds to the member’s associated UPI ID, making a huge improvement to the existing bank transfer mechanism and may take several days to clear.
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Now, EPFO members must face delays, as withdrawals are resolved through the usual bank transfer. Program integration with UPI is designed to reduce such delays and get immediate access to currency, which will be very useful during emergency financial needs. In the fiscal year 2024-25, the EPFO has settled more than 50 million claims and paid more than Rs 205 crore to more than 740 million subscribers, highlighting the requirements of the improved system.
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Step by step process (future implementation)
Although the UPI-based withdrawal system has not yet been launched, here are step-by-step guides based on the suggested framework:
- Visit the UPI platform: Open your preferred UPI application (such as Google Pay, PhonePe, or Paytm) and navigate to the EPFO Withdrawal option (once integrated).
- Enter UAN: Enter the Universal Account Number (UAN) linked to the EPFO Account.
- KYC Verification: Make sure you understand your customer (KYC) details, including Aadhaar, PAN and bank account information, and are verified and up to date.
- Select a withdrawal type: Select the required withdrawal type. This could be due to a medical emergency, a total withdrawal of home repayments or education expenses (usually after retirement or unemployment) (usually after retirement or unemployment) or partial withdrawal.
- Enter the amount: Enter the amount you want to withdraw, remember the EPFO’s withdrawal limit guide for different scenarios.
- Authentication: Authenticate transactions using a one-time password (OTP) sent to the mobile number you registered.
- Instant transfer: After successful verification, the withdrawn amount will be immediately attributed to your link UPI ID or digital wallet.
Current withdrawal requirements and conditions
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As we wait for UPI-able-abive withdrawals, we must understand the current requirements for EPF withdrawals.您可以在以下条件下撤回EPF金额：
- Retirement: at or after 58 years old.
- Unemployment: After two months of unemployment.
- Death: Before the prescribed retirement age (this amount is then used to the nominee).
Additionally, Provident Fund (PF) account holders can now apply online for withdrawal of 75% of their account balance or three-month base salary and honorary allowance, whichever is lower. This withdrawal facility is non-refundable on advance payment.
Before starting the UPI function, you can extract the PF using the existing online method:
- Log in to the EPFO E-SEWA portal: Visit the portal and enter your UAN and password.
- Verify KYC details: Make sure your Aadhaar, PAN and bank details are linked.
- Navigate to “Online Services”: Click ‘Account (Forms – 31, 19, 10C and 10D)’.
- Select a withdrawal type: Select a withdrawal of all, partial withdrawal or pension withdrawal.
- Submit a claim request: Enter bank details, upload the required files (if required), and submit.
- Approval and fund transfer: Claims will be processed within 7-15 working days
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Employees’ Provident Fund Organization (EPFO) attempts to resolve online claims within 72 hours, while offline claims can take up to 20 days to resolve.
Looking to the future
EPFO is in talks with the National Payment Corporation of India (NPCI) to seal details of the implementation of the UPI exit facility. With the launch of this feature expected in the next 2-3 months, EPF subscribers can expect to get more money to get more money. This will especially help employees who need immediate access to their PF corpus to avoid financial crises.
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Source: https://dinhtienhoang.edu.vn
Category: Optical Illusion