The Employees’ Provident Fund Organisation (EPFO) intends to use the Unified Payments Interface (UPI) to allow subscribers to withdraw their Employees’ Provident Fund (EPF) claims. This option will benefit subscribers by ensuring a seamless money transfer.

The EPFO is negotiating with the National Payment Corporation of India (NPCI) to introduce the functionality on UPI platforms, such as GPay, PhonePe, and Paytm, within the next two to three months.

To carry out the strategy, the EPFO has also created a blueprint, it noted.

Members of EPFO now take their money out of their bank accounts, which can take a few days to complete. UPI-based transactions will be made possible by the new system, enabling immediate money transfers into the member’s associated UPI ID.

Employees who want immediate access to their PF funds in times of financial hardship would especially benefit from this action.

The EPFO has already paid out more than Rs 2.05 lakh crore and settled more than 50 million claims with over 7.4 crore subscribers in the current fiscal year 2024–2025.

How Will the UPI EPF Facility Help?

UPI transactions will be resolved instantaneously rather than over two to three business days.
It will do away with the requirement for verification and comprehensive banking information.
EPFO members will have the option to utilise digital payment applications such as PhonePe, GPay, BHIM, and Paytm for direct credit following the implementation of the UPI capability.
The withdrawal amount will be credited instantly; there is no need to wait for bank RTGS or NEFT transactions.