Employee Provident Fund Organization (EPFO) is preparing to launch a major digital upgrade, EPFO 3.0, for its members. Under this, PF account holders will now be able to withdraw their money through UPI and ATM as well. This new system is expected to be launched by the end of June. EPFO has not yet announced any separate withdrawal limit for UPI or ATM transactions, but the system will work according to existing rules. Account holders will be able to withdraw upto 75% of the PF Amount Based on existing rules, eligible account holders will be able to withdraw up to 75% of their PF balance through UPI or UPI-enabled ATMs, depending on their withdrawal needs and eligibility. According to media reports, with this new system, up to 75% of the available EPF balance can be instantly transferred directly to the linked bank account. New system will work with help of Aadhaar OTP and NPCI This new withdrawal system is being developed in collaboration with the National Payments Corporation of India (NPCI). According to the government, the testing of this facility has been completed, and it will be rolled out soon. Union Minister of Labour and Employment, Mansukh Mandaviya, has also indicated that the official announcement will be made shortly. In this system, members will have to complete Aadhaar-based OTP verification before initiating a withdrawal through supported UPI apps. After this, the money will be credited instantly to the linked bank account. This will replace the old system, which required waiting several days for settlement after submitting a claim. PF-linked ATM cards will also be available EPFO is also expected to introduce PF-linked ATM cards. This will allow account holders to withdraw their eligible amount directly from an ATM, just like a regular debit card. According to reports, members may be required to maintain at least 25% of their EPF balance in the account, so that retirement savings are not completely depleted. These Members Will Get This Facility To avail this new digital withdrawal facility, members must have some essential things Auto-Settlement Limit Increased to ₹5 Lakh Under EPFO 3.0, many major reforms are being made in addition to UPI and ATM withdrawals. The auto-settlement limit for claims has been increased from ₹1 lakh to ₹5 lakh. This will allow more and more claims to be processed automatically without any manual intervention. Along with this, members will be able to use Face Authentication Technology (FAT) through the UMANG app for ID verification, which will reduce paperwork. However, until EPFO issues detailed operational guidelines, the existing EPF withdrawal rules, including eligibility criteria and tax regulations, will remain applicable. What is the auto-settlement limit? EPFO has now increased the auto-settlement limit to ₹5 lakh to expedite claim settlement. Earlier, this limit was only ?1 lakh. This means that if your claim is up to ₹5 lakh, the software will automatically process it in a very short time without any manual approval from an officer. Post navigation Homebuyers can seek relief for delay after possession:What exactly has the Supreme Court ruled, and why does it matter for consumers?
