Agree. The escrow itself is a protection for clients, not freelancers. Also, I would make a notice for clients, unless there exists any (I don't know, I am not a client ), that freelancers wait for five days untill the payment is realeased, thus acctually extending the escrow for addional five days. This notice should prompt clients to approve milestones asap.
Why can't you reduce the waiting period from the time the funds for fixed contracts are held for 14 days while waiting for client's approval to 5 days as well? This is because some clients fail to approve the work in time. Therefore, one is forced to wait for the initial 14 days,,then another 5 days. This leads to a total of 19 days. Why can't this be reduced to an initial 5 days and another 5 days?
You gotta know the clients that times. at least, I have not seen any case that they have the no shame to cancel the payment request. That they are that kind of clients, thre are, but there are other kind of clients that are your friends and if you say them you are in a need they approve a milestone at the moment you sayy them that you are needed the money, even before the work is finished.
Much thanks to Upwork which heard us about the times, more because the time for the funds are delaying several days to go to the bank accounts, or i don't know if I am misreading that from an isolate sucess where my hard-earned funds have delayed to come to my account (but if the transfer time is now usually less than 24 hours, as had happened to me last year, now what happened to my money).
To Irfan Ullah K:
He probably "needs" (like many others) to withdraw money faster, without Upwork holding the amount unnecesarilly for 5 more days.. The client approves the final milestone, ends the contract, releases the money - job is done, client has checked whatever he needed done to be in order, he liked it and released the funds. What more security does Upwork need?
Oh and you were kind of aggresive in your message... Perhaps you didn't know: hourly contracts are different than fixed price contracts, so it is quite alright if payouts are not the same. It is okay for a freelancer working on a fixed price job to get her/his money instantly (IF the client approves the milestone instantly), while a freelancer who works hourly needs to wait for 5 more days after job completion - you don't have to be jealous
In other words: you, the freelancer working hourly, have to wait 5 days max for the client to review your work and approve it. You then had to wait 5 more days for Upwork to release the money. This last 5 days waiting period is now removed by Upwork. In the case of freelancers working on fixed price jobs, we also have to wait until the client reviews and approves our work - only that Upwork gives the client 14 days to do this (so yes, if a client becomes unresponsive, we have to wait 14 days for the milestone to get approved). And on top of that, we also have to wait 5 more days for Upwork to release the funds. This 5 day waiting period for fixed price contracts is NOT removed, but it is removed for hourly contracts.. So where's the justice in that?