The Employees’ Provident Fund Organisation (EPFO) is set to revolutionize the way millions of employees access their provident fund (PF) savings. Starting June 2025, EPF members will be able to instantly withdraw PF funds via Unified Payments Interface (UPI) and ATMs, according to DD News.This major step is being implemented with the support of the Ministry of Labour and Employment and has already received approval from the National Payments Corporation of India (NPCI). The new facility will also allow users to check their PF balance directly on UPI platforms and transfer funds to their bank accounts without delays.Instant PF withdrawals under EPFO 3.0Currently, PF withdrawals involve submitting online claims followed by a waiting period for approval from EPFO field offices. This process can take several days or even weeks. However, the upcoming integration with UPI and ATMs is expected to make settlements instantaneous. Members will be allowed to withdraw up to ₹1 lakh instantly—especially helpful in emergencies.“EPFO has made significant improvements in its digital infrastructure by integrating over 120 databases,” said Sumita Dawra, Secretary at the Ministry of Labour and Employment. “These efforts have reduced claim processing time to just three days, with 95 per cent of claims now being processed automatically. Further upgrades are also in progress to make the system even more efficient.”Expanded withdrawal purposesCurrently, the EPF scheme allows withdrawals for medical emergencies, housing, education, and marriage, but members must meet specific eligibility criteria and provide proper documentation. With the upcoming changes, the scope of permitted withdrawal reasons will be expanded, giving employees greater financial flexibility for key life events.In another significant development, pensioners under the Employees’ Pension Scheme (EPS) of 1995 will be able to access their pensions from any bank branch across India starting January 1, 2025. This means retirees will no longer be restricted to specific banks or branches.Even if a pensioner relocates or changes banks, pension disbursal will continue seamlessly through the Centralised Pension Processing System (CPPS), eliminating the need to transfer Pension Payment Orders (PPO) between offices.
