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EPFO 3.0 to Allow Instant PF Withdrawals via UPI and ATMs

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The Employees' Provident Fund Organisation (EPFO) is rolling out EPFO 3.0, enabling subscribers to withdraw PF balances instantly through UPI and ATMs. Union Labour and Employment Minister Mansukh Mandaviya announced the initiative. Members will be able to withdraw 50% to 75% of their EPF balance directly to their bank accounts, bypassing employer sign-off. EPFO has over 7 crore active members.

Key Facts & Details

9 points
  • 1
    EPFO 3.0 enables instant PF withdrawals via UPI and ATM
  • 2
    Members can withdraw 50%–75% of EPF balance
  • 3
    Eliminates employer sign-off and processing delays
  • 4
    EPFO has over 7 crore active members

Deep Dive

  • +
    EPFO is a statutory body under the Ministry of Labour and Employment, established under the EPF & MP Act, 1952
  • +
    EPF contribution: employee 12% + employer 12% of basic + DA
  • +
    Of employer's 12%, 8.33% goes to EPS (pension), 3.67% to EPF
  • +
    EPFO declared 8.25% interest rate for FY 2024-25
  • +
    EPFO is one of the world's largest social-security organisations by membership
Q

Exam Focus

Likely MCQ: Under which Act is the Employees' Provident Fund Organisation (EPFO) established? → Answer: EPF & Miscellaneous Provisions Act, 1952

Related Topics

EPFOSocial SecurityDigital Payments

Exam Relevance & Angle

EPFO, social security and labour codes are core for SSC, Banking and UPSC exams.

Target Exams

SBI POSBI ClerkIBPS POIBPS ClerkSSC CGLRRB NTPCLIC AAO

Background & Context

The Employees' Provident Fund Organisation (EPFO) is one of the world's largest social-security organisations, with over 7 crore active members. It is a statutory body under the Ministry of Labour and Employment, set up under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952.

EPFO administers three schemes:
• Employees' Provident Fund (EPF) Scheme, 1952
• Employees' Pension Scheme (EPS), 1995
• Employees' Deposit-Linked Insurance Scheme (EDLI), 1976

Under the EPF scheme, both employer and employee contribute 12% of the employee's basic salary plus DA. Of the employer's 12% share, 8.33% goes to EPS (capped at ₹15,000 wage ceiling) and 3.67% goes to EPF.

EPFO declared an interest rate of 8.25% for FY 2024-25. The Central Provident Fund Commissioner heads EPFO, and the Central Board of Trustees (CBT) is its top decision-making body.

Related GK Concepts

Must Know
EPFOEPF Act 1952EPS 1995EDLI SchemeCentral Board of TrusteesSocial Security

Test Yourself

1 / 3

Under which Act is the Employees' Provident Fund Organisation (EPFO) established?

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SBI PO

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SBI Clerk

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IBPS PO

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EPFO 3.0 to Allow Instant PF Withdrawals via UPI and ATMs — Current Affairs 2026-05-28