The Employees’ Provident Fund Organisation (EPFO) is set to take a significant step towards digitising retirement savings access through the proposed EPFO 3.0 platform, which will enable subscribers to withdraw Provident Fund funds via UPI applications and EPF-linked ATMs.
Commenting on the development, Partner, Saumya Ramakrishnan, said:
“Historically, EPF withdrawals required a formal claim and EPFO approval process, which, while time-consuming, acted as a verification layer, considering the intended social security benefit of the EPF legislation. The move to withdrawals through UPI and ATMs provides easier liquidity to individuals. However, the real test will be what authentication and fraud-prevention safeguards are implemented to ensure that security of retirement savings is not compromised.”
Read Here: EPFO Withdrawal Via UPI, ATM Likely By Month End, Check Limit
Close