In what brings a sigh of relief for those finding it tricky to withdraw PF money when needed, the Employees' Provident Fund Organisation (EPFO) is slated to bring a notable change. The upcoming update, aimed at completely transforming the process of PF withdrawal, is slated to benefit millions of PF account holders. Once rolled out, the account holders will neither have to visit offices nor wait for several days to withdraw their PF money, as they will be able to withdraw PF funds directly through ATMs as well as via UPI.
Withdrawal facilty by April 2026
According to sources, the Employees' Provident Fund Organisation (EPFO) may launch ATM and UPI-based provident fund withdrawal facilities by April 2026. To implement this change, the EPFO is undertaking a complete overhaul of completely upgrading its digital systems.
The Ministry of Labour and Employment had last year announced that PF withdrawals would be made easier and faster for EPFO members. As part of this initiative, preparations are underway to allow withdrawals up to a certain limit without requiring any further authorisation.
EPFO 3.0 already completed
As per the latest update, trials of all modules related to EPFO 3.0 have already been completed, with no major technical issues being encountered so far. However, the organisation wants to make the system foolproof to avoid any potential problems. In order to do so, the system is being tested from every angle. This will ensure that account holders do not face any difficulties after the service is launched.
A few months ago, the EPFO allowed the account holders to withdraw up to 75 per cent of their provident fund balance, offering substantial relief to employees facing financial difficulties.
Under the proposed system, employees could receive an ATM card linked to their PF account, enabling them to withdraw a specified amount directly from ATMs. In addition, PF balances may be used for payments or transfers through UPI, allowing quick access to funds or seamless digital transactions during emergencies.
