{"id":237793,"date":"2026-01-17T09:02:06","date_gmt":"2026-01-17T09:02:06","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/237793\/"},"modified":"2026-01-17T09:02:06","modified_gmt":"2026-01-17T09:02:06","slug":"epf-money-withdrawal-through-upi-soon-labour-ministry-working-on-direct-quicker-access-to-funds-says-report","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/237793\/","title":{"rendered":"EPF money withdrawal through UPI soon? Labour ministry working on direct, quicker access to funds, says report"},"content":{"rendered":"

The Union Labour Ministry is reportedly developing a system to allow eight crore employees’ provident fund (EPF<\/a>) members to directly withdraw their money using the Unified Payments Interface aka UPI, PTI reported, citing sources.<\/p>\n

The project, targeted for rollout by April 2026, aims to facilitate quicker access to funds, streamline the withdrawal process, and enhance service efficiency, it said.<\/p>\n

Project in progress: What is the status?<\/p>\n

According to the report, the source said the EPFO <\/a>is working to resolve software glitches. If implemented, eight crore members stand to benefit, as they currently have to go through a time-consuming withdrawal claims process to access their EPF money.<\/p>\n

Why can’t the EPFO itself act as a bank?<\/p>\n

According to the report, the source noted that the EPFO cannot allow direct withdrawal <\/a>of money by members as it does not have banking licences.<\/p>\n

The auto-settlement process, introduced during the COVID-19 pandemic, too requires members to file advance claims. The body settles over 5 crore claims, mostly for withdrawing EPF, annually.<\/p>\n

The government is working to improve efficiency. The EPFO’s apex decision-making body, Central Board of Trustees (CBT<\/a>) approved simplifications and liberalised partial withdrawals for users on 13 October 2025. This allowed users to withdraw up to 100% eligible funds (75% total funds), including employee and employer share, to meet immediate financial needs.<\/p>\n

Further, in the same month, the CBT also approved four Fund Managers<\/a> \u2014 SBI Funds Management, HDFC AMC, Aditya Birla Sun Life AMC, and UTI AMC \u2014 to manage the EPFO’s debt portfolio for a period of five years.<\/p>\n","protected":false},"excerpt":{"rendered":"The Union Labour Ministry is reportedly developing a system to allow eight crore employees’ provident fund (EPF) members…\n","protected":false},"author":2,"featured_media":237794,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[140278,138,140282,140280,41593,63661,140283,22377,140281,246,140284,36091,137372,300,111,139,69,140279,244,245,7785,56854],"class_list":{"0":"post-237793","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-auto-settlement-process","9":"tag-business","10":"tag-cbt","11":"tag-central-board-of-trustees","12":"tag-employee-provident-fund","13":"tag-epf-withdrawal","14":"tag-epf-withdrawals","15":"tag-epfo","16":"tag-epfo-claims-process","17":"tag-finance","18":"tag-financial-accessibility","19":"tag-funds","20":"tag-labour-ministry","21":"tag-money","22":"tag-new-zealand","23":"tag-newzealand","24":"tag-nz","25":"tag-partial-withdrawal-provisions","26":"tag-personal-finance","27":"tag-personalfinance","28":"tag-unified-payments-interface","29":"tag-upi-payments"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/237793","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=237793"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/237793\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/237794"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=237793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=237793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=237793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}