Withdrawing money from your Provident Fund (PF) could soon become much quicker.
The Employees’ Provident Fund Organisation (EPFO) says that most PF claims will now be settled on the same day or within two days, eliminating the long waiting period that many members faced in the past.
EPFO’s Central Provident Fund Commissioner (CPFC), Ramesh Krishnamurthy, said the organization has cleared almost all pending claims and introduced a faster claim settlement system.
Up to 90% of PF Claims Now Processed Automatically
According to the EPFO, nearly 90% of PF claims are now being auto-settled.
This means eligible claims are processed automatically without manual intervention, allowing members to receive their money much faster.
Krishnamurthy said that after clearing the backlog, the EPFO expects most future claims to be settled either on the same day or within a maximum of two days.
He also said that the new system has made PF withdrawals easier and faster than ever before.
PF Withdrawals Through BHIM App Coming Soon
EPFO is also preparing to launch a new facility that will allow members to receive their PF claim amount directly through the BHIM app.
Under the proposed system, the claim amount will be transferred directly to a member’s UPI-linked bank account.
According to the EPFO, this facility is expected to be rolled out within the next month, making the claim process even more convenient.
EPFO Plans More Reforms for Employers and Employees
The EPFO says it is working on several reforms to simplify procedures for employers while improving services for employees.
The organization wants to make compliance easier for businesses and strengthen trust among employers and workers by providing faster and more transparent services.
Officials believe these changes will improve the overall experience of managing PF accounts and retirement benefits.
Social Security Scheme for Gig Workers
The EPFO also highlighted the government’s plans to expand social security benefits to gig and platform workers, including delivery partners and other workers in the unorganized sector.
A new Social Security Bill includes provisions for a special scheme covering these workers.
Once the government announces the scheme, it will also reveal the agency responsible for implementing it.
The move is expected to provide better financial security to millions of workers who are currently outside the traditional social security system.
What About EPF Interest Rates?
Many PF subscribers are also wondering whether the EPF interest rate will increase.
On this, Krishnamurthy said it is too early to comment on any revision.
He added that the current EPF interest rate remains 8.25%, and the organization has already credited interest to more than 340 million member accounts.
According to the EPFO, around ₹1.44 lakh crore in interest has been credited, describing it as one of the organization’s biggest achievements in recent years.