EPFO members can expect a big improvement from next year i.e. 2025, as they will get the facility to withdraw PF money from ATM. Sumitra Dawra, Secretary, Ministry of Labor and Employment, said, “We are further improving the IT system of our PF provision.
EPF Money From ATM: Big news has come for 7 crore members of the Employees’ Provident Fund Organization (EPFO). Some time ago, news came that the government is working on a facility like withdrawal of PF from ATM under EPF. Now a big disclosure has been made about this. Labor Secretary Sumita Dawra has announced that the Ministry of Labor and Employment is currently in the process of improving its IT system to provide better service to India’s workforce.
She said that EPFO members can expect big improvements from next year i.e. 2025, as they are going to get the facility to withdraw PF money from ATM. Sumitra Dawra, Secretary, Ministry of Labor and Employment, said, “We are improving the IT system of our PF provision. Even before this, we have seen many improvements, which have increased the speed of claims and self-claims.
EPFO is working on advanced technology
He said that unnecessary processes have been removed under PF. Our ambition is to bring the IT infrastructure of our EPFO to the same level as our banking system. You will see big improvements in January 2025, when we will have IT 2.1 version in EPFO … Claimants, beneficiaries or insured persons will be able to withdraw claims directly through ATM. Also, as the system becomes more advanced, you will be able to see some more improvements.
Government’s EPFO
The number of active contributors in the Employees’ Provident Fund Organisation is more than 7 crore. Additionally, the Labor Secretary highlighted the government’s commitment to enhance EPFO services to improve the overall quality of life. Dawra indicated that plans are in advanced stages, though no specific timeline was given. The government’s initiatives to enhance EPFO services and make life easier include issuing a new card for PF withdrawal, which can be done easily through ATMs. However, there will be a withdrawal limit of 50% on the total deposit amount.
EPFO withdrawal rules
- You are not allowed to withdraw PF funds partially or fully while you are in job.
- If you are unemployed for at least one month, you can withdraw up to 75% of your PF balance.
- After two months of unemployment, you are eligible to withdraw the entire amount.
