EPFO to Enable Direct EPF Withdrawals via UPI Starting April

Starting April, EPFO members will be able to withdraw a portion of their Employees' Provident Fund directly to their bank accounts via the Unified Payment Interface (UPI). The labour ministry is finalizing a system where part of the EPF balance remains frozen for retirement, while the rest can be accessed instantly using a linked UPI PIN. This initiative aims to simplify and speed up withdrawals, benefiting around eight crore subscribers. Currently, withdrawals require claim applications, but an auto-settlement mode processes claims up to Rs 5 lakh electronically within three days. Software issues are being addressed to ensure smooth implementation.