EPFO: The Employees’ Provident Fund Organization (EPFO) is preparing to start the service of withdrawing Provident Fund (PF) money through ATM for its members soon. Under this new scheme, EPFO members can withdraw money directly from the ATM using a card after requesting their claim.
EPFO: The Employees’ Provident Fund Organization (EPFO) is preparing to start the service of withdrawing Provident Fund (PF) money through ATM for its members soon. Under this new scheme, EPFO members can withdraw money directly from the ATM using a dedicated card after requesting their claim. The heirs of deceased EPFO members i.e. nominees will also be able to withdraw the claim money from the ATM.
How do members withdraw money now?
At present, EPFO members have to wait for seven to 10 days to get their claim money, after which the amount is transferred to their respective bank accounts. After the new scheme is implemented, withdrawing PF money will be as easy as withdrawing money from an ATM. This process will become faster and simpler.
Members will get dedicated card (Dedicated Card For PF Claim)
EPFO is considering providing service like banking system to its more than seven crore members. Union Labor Secretary Sumita Dawra said that EPFO can soon give dedicated cards to its members. With which they can take their money claim amount through ATM.
Heirs will also get this service
In this new way, the heirs of the deceased EPFO members will also be able to settle the claim and withdraw the amount using ATM. Under the Employee Deposit Linked Insurance (EDLI) scheme run by EPFO, the heirs of the deceased members are given an amount of up to Rs 7 lakh.
EPF members will benefit
Dawra said that the focus of EPFO is currently on preparing the necessary infrastructural basis for this new system. He said that more improvements will be seen as a result of hardware improvement in January 2025. The aim of this modernization campaign is to make the systems of EPFO similar to the efficient banking systems already present in India. This move by EPFO will not only make it easier to claim but will also improve transparency and efficiency.
