EPFO UPI Withdrawal
Imagine over 9 crore people who rely on EPFO for their future. Well, EPFO is getting a big upgrade – think of it as Version 3.0 – to make things better for them. There are 5 cool changes coming in May or June that will make using EPFO services much easier.
EPFO's Going Fully Digital
Basically, the government’s labor minister, Mansukh Mandaviya, said that EPFO is getting a big tech makeover. They’re updating everything online, and we should see these changes happening around May or June.
What the New EPFO Means for You?
So the new and improved EPFO (Version 3.0) will bring a bunch of changes to make things easier for you. Mr. Mandaviya from the government told the news that you’ll be able to get your money automatically in some cases, fix mistakes online more easily, and even withdraw funds using an ATM! Let’s take a look at 5 of these upcoming changes.
1. Faster and Easier EPFO
With the new version, you won’t have to deal with complicated forms or go anywhere in person to make claims or fix mistakes. It’ll all be much simpler online.
2. Updating Your EPFO Account? Now Easier & Safer with OTP
Now, it’ll be super easy to make changes to your EPFO account and manage things like who gets your pension if something happens to you. You can do it all online using a one-time password (OTP) for security. Plus, you can easily keep an eye on your pension money and withdraw funds when you need to.
3. Connecting Different Social Security Plans
Mr. Mandaviya also mentioned that the government is thinking about bringing different social security plans together. This includes schemes like Atal Pension Yojana, Pradhan Mantri Jeevan Bima Yojana, and Shramik Jan Dhan Yojana. The goal is to make managing your pension and benefits easier and stronger. What’s even better is that people who are part of ESIC will soon be able to get free medical treatment at hospitals that are also part of the Ayushman Bharat scheme.
4. ESIC Treatment Now at Charity Hospitals Too
Good news for ESIC members! Now, even certain private hospitals run by charities will be included in the ESIC network. This means more places where you can get social security benefits. Right now, ESIC offers free medical care to about 18 crore people through its own 165 hospitals, over 1,500 smaller clinics, and around 2,000 other hospitals they’ve partnered with.
5. Easier PF Withdrawals Coming Soon: Use UPI and ATMs!
Get this – EPFO is planning a brand new way for you to take out your PF money! Soon, you might be able to use UPI, the same app you use for regular payments, to withdraw funds. A top government official, Sumita Dawra, told the news that they’ve given the green light to this idea, and you might be able to withdraw your PF through UPI and even ATMs by the end of May or June this year. This new system could also be a test run for people who have other similar savings accounts like government employees’ GPF and bank’s PPF.