New Delhi: The Workers’ Provident Fund Organisation (EPFO) is getting ready to present a serious present to its thousands and thousands of account holders. Making EPFO’s on-line providers high-tech, the ability for PF withdrawal by way of the UPI cost gateway is about to be launched. For this, the division will launch a brand new cell app in April this yr. With this new facility, staff won’t have to attend lengthy to switch their PF quantity to their financial institution accounts and can be capable to withdraw cash immediately.
About EPFO 3.0
This service will grow to be totally lively with the third section of EPFO reforms, i.e., ‘EPFO 3.0.’ In accordance with sources within the Ministry of Labour, trials of this new cell app and UPI system have already begun. Presently, this know-how is being examined by way of greater than 100 dummy accounts in order that there are not any technical glitches on the time of the launch in April. This step will show to be a serious change within the course of Digital India.
Withdrawal restrict and new guidelines
Even after the supply of the UPI withdrawal facility, some necessary guidelines should be adopted. Underneath the brand new Labour Code guidelines, a minimum of 25 per cent of the entire quantity within the EPF account might be stored frozen. Account holders will be capable to withdraw cash solely from the remaining quantity as per their wants. The brand new cell app won’t solely present withdrawal amenities but additionally permit customers to view their passbook stability and avail different needed providers.
Current providers may also proceed
Even after the launch of the brand new cell app, the at the moment working providers of the UAN quantity and the UMANG portal won’t be discontinued. Presently, the method of PF withdrawal takes a substantial period of time, though in auto-settlement mode, the settlement is finished inside three days of the applying. Just lately, EPFO elevated the auto-settlement restrict from one lakh to 5 lakh rupees.
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