In a landmark decision, the government is likely to unveil a centralised digital platform of the Employees’ Provident Fund Organisation (EPFO), which will allow subscribers, for the first time, to simply withdraw their money from a nearby ATM or via UPI by October-end, sources said.
People will now be able to withdraw up to 75 per cent of their total provident fund (PF) balance against the current 50 per cent threshold.
In order to avail the facility, one must file an online claim through the EPFO member portal or via UAN/Aadhaar OTP, after which money is credited to the linked bank account within three working days, and then withdrawn via the standard bank debit card at any ATM.
The government has been testing direct UPI and ATM-based infrastructure to let members access up to 75 per cent of eligible balances instantly, while locking a mandatory 25 per cent for long-term retirement.
Under EPFO 3.0, every member can check their balance and withdraw eligible funds as easily as making a UPI payment.
“Members are expected to receive a dedicated PF withdrawal card, functioning much like a regular bank ATM card, linked directly to their Provident Fund account. Once active, this would let members access supported ATM and withdraw an eligible portion of their PF balance directly, without filing a claim form or waiting on employer approval,” an official of the Labour Ministry said.
