New Delhi: In a major relief for millions of salaried employees, Provident Fund (PF) withdrawals will soon be possible through ATMs and UPI, significantly simplifying access to savings. Union Labour Minister Mansukh Mandaviya announced that the Employees’ Provident Fund Organisation (EPFO) is working to roll out the new facility, with implementation targeted before March.
Under the proposed reform, EPF subscribers will be able to instantly withdraw up to 75 per cent of their PF balance, either via ATMs or by using UPI platforms. The move is aimed at making PF withdrawals faster, easier and less paperwork-intensive.
At present, employees must submit multiple forms to access their PF funds, a process often seen as cumbersome and time-consuming. Highlighting the need for change, the minister said the government is committed to streamlining and digitising the withdrawal process, ensuring that workers can access their own money without unnecessary hurdles.
As part of the overhaul, the EPFO has merged 13 different withdrawal categories into a simplified framework. One of the most significant changes is the expansion of withdrawable funds, allowing employees to access not just their own contributions and accrued interest, but also the employer’s contribution. Earlier, withdrawals were largely restricted to the employee’s share alone.
Depending on the purpose, subscribers will be able to withdraw between 50 per cent and 100 per cent of the eligible amount. The reform is expected to transform PF access, offering greater financial flexibility and convenience to millions of workers across India.
