UPI Update: You can now withdraw PF funds directly via UPI; testing has been completed..

EPF Withdrawal via UPI: Here is a piece of great news offering significant relief to salaried individuals. It is reported that employees will now be able to transfer their Provident Fund (PF) money directly into their bank accounts using the Unified Payments Interface (UPI) payment gateway. Testing for this feature has been completed, which will make future withdrawals faster and easier than ever before. This information was personally shared by the Union Labour Minister, Mansukh Mandaviya. Let's delve into the details...

**The Process Will Become Easier and Faster**
According to Labour Minister Mansukh Mandaviya, the Employees' Provident Fund Organisation (EPFO) is taking several new steps to enhance its services. He stated that testing has now been completed for a feature that will allow members to withdraw their PF funds using the UPI payment gateway. The withdrawn amount will be transferred directly into the member's bank account, thereby making the entire process significantly easier and faster than it was previously.

**A Portion of the Total Amount Will Be Kept Secure**
The Ministry of Labour is currently working on a project wherein a portion of the total PF (EPF) corpus will be kept secure—or 'frozen'—while the remaining, larger portion will be available for direct withdrawal into the bank account via UPI. This facility will enable employees to access their funds quickly and conveniently whenever the need arises. Furthermore, this new feature will allow members to easily view the eligible EPF balance available in their accounts and transfer it to their linked bank accounts. To complete the transaction, users will be required to enter their UPI PIN, ensuring that the funds are transferred securely.

**How ​​EPF Claims Are Processed Currently**
Currently, individuals wishing to withdraw their EPF funds are required to file a formal claim, a process that often proves to be quite time-consuming. However, under the auto-settlement system, funds are now electronically transferred within three days of filing an application, without the need for any manual intervention. The monetary limit for this facility has also been increased from the previous cap of ₹1 lakh to ₹5 lakh.

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