You will get the EPF withdrawal amount quickly, be it a final settlement or premature withdrawal. It will happen due to the new way of payment. The EPFO board has decided to use the NPCI for the transfer of money. You should know that the instant transfer technology of IMPS and UPI are the creation of NPCI.
Five Things About Fast EPF Withdrawal
- The EPFO board has approved the proposal for Centralized Payment system. This system would use the NPCI platform. Because of this NPCI system, the fund would reach to the EPF member same day.
- Earlier EPFO has a decentralized system of Payment. The regional EPF offices used to settle the payment. This system had a higher cost. It did not support the Aadhaar enabled Payment system. Moreover, the transactions used to fail.
- In June 2017, the EPFO has released a citizen charter. With this charter, the EPFO has reduced the EPF settlement time to 10 days from 20 days.
- The EPFO has also decided to process all the settlement request in digital form. It means all the EPF settlement would directly reach to the account of EPF member. It would not use the cheque.
- The EPFO has further planned to settle claims of all Aadhaar and bank account seeded EPF accounts within three hours of receipt of an application.
About EPF scheme
These initiatives of EPFO would benefit 4.5 crores EPF subscribers. It would also help to those member who need EPF money during an emergency. As fast processing of EPF withdrawal would make EPF scheme more useful. You would know that EPF is retirement saving scheme. All the non-government employee are the part of this scheme. This scheme gives you an universal account number (UAN). On the basis of this number, EPF scheme continues in different jobs. Nowadays, EPF transfer has become automatic. It happened because of the UAN and Aadhaar link. The EPFO or Employee Provident Fund Organisation manages to EPF scheme.