EPFO members will have to wait at least for a month to withdraw provident fund (PF) using the Unified Payments Interface (UPI).
The Employees’ Provident Fund Organisation has postponed the launch of the UPI-linked provident fund withdrawal, according to a report by Business Standard.
EPFO is going for a complete overhaul of its IT systems, and the final leg of testing is in place, the report said.
The UPI-linked facility will be enabled with the new IT system. It was originally planned to launch the facility by March.
EPFO is overhauling its core IT systems to replace multiple legacy, office-based platforms with a single, centralised system called CITES 2.0 (Centralised IT Enabled System), the report said.
The new system is structured into six modules, namely member accounts, employer filings, claims, pensions, finance, and compliance and grievance redressal.
While the testing of five modules has been completed, the last module for grievance and compliance is currently under the testing phase.
The IT overhaul will require a complete migration of data and software for all EPFO members and employers. This will require a temporary shutdown of services for about two days.
“There is one issue, which is that there will be two days of darkness in the system with no transactions possible, but it will have to be done since the entire system is being redeveloped,” an official was cited as saying.
Moreover, the new system will have a dedicated mobile application for users. Currently, online EPFO services are offered through the UMANG app, which houses several other government services.
The new app will be linked to the PF accounts of EPFO members and to UPI platforms to allow quick transfer of funds to bank accounts. Users will be able to withdraw 75 percent of the total fund in one go.
