Subscribers of the Employees’ Provident Fund Organisation (EPFO) are poised to gain quicker access to their funds through a new mobile application launching in April. The app will allow members to directly withdraw their Employees’ Provident Fund (EPF) into their bank accounts using the Unified Payment Interface (UPI) payment gateway.
Streamlining EPF Withdrawals
Currently, EPFO members access their accounts via the Universal Account Number (UAN) portal or the UMANG app. These platforms will remain available, but the new application aims to improve accessibility and service delivery. The app will also allow members to view their passbook balance.
The labour ministry is also working on a project to allow a larger portion of EPF funds to be readily available for withdrawal via UPI. Subscribers will be able to view their eligible balance within the app and use their linked UPI PIN to complete transactions securely.
Reducing Processing Times
Currently, accessing EPF money requires submitting a withdrawal claim, a process that can be time-consuming. The EPFO has already increased the auto-settlement limit – processing claims electronically without manual intervention – to Rs 5 lakh from Rs 1 lakh. This change already facilitates quicker access to funds for illness, education, marriage, and housing purposes.
The EPFO is currently conducting trials with 100 dummy accounts to refine the service and address any technical issues before the official launch. Over 5 crore claims are settled annually, primarily for EPF withdrawals, and the new system is intended to alleviate the burden on the organization.
Frequently Asked Questions
When will the new EPFO app be available?
The new mobile application is slated for launch in April this year.
What services will the new app offer?
The app will allow members to withdraw EPF money via UPI, view their passbook balance, and access other services currently available on the UAN portal and UMANG app.
Is the auto-settlement limit for EPF withdrawals changing?
Yes, the auto-settlement limit has already been raised to Rs 5 lakh from Rs 1 lakh, allowing for faster processing of claims for various needs like illness, education, marriage, and housing.
As the EPFO moves towards a more streamlined withdrawal process, will this new app significantly reduce the time it takes for members to access their hard-earned savings?
