EPFO Scheme: PF Money Can Be Withdrawn from ATM, Government Reveals When the Facility Will Be Available
EPFO: Labor Secretary Sumita Dawra stated that starting from the beginning of 2025, PF account holders will be able to withdraw their PF money directly from ATMs.
For salaried individuals, withdrawing PF money has always been a major hassle. Until now, there were many procedures to go through to withdraw PF money. However, now you will be able to easily withdraw your PF money through ATMs. Labor Secretary Sumita Dawra provided important information regarding this new facility.
When Can PF Money Be Withdrawn from ATMs?
From next year, that is, just a month away, employees will be able to withdraw money from their Provident Fund (PF) through ATMs. Speaking to the news agency ANI, Labor Secretary Sumita Dawra said that starting from early 2025, PF account holders will be able to withdraw their PF money directly from ATMs. This step has been taken to provide better service to the country’s large workforce and to simplify the process.
What Did Sumita Dawra Say?
Sumita Dawra mentioned, “We are quickly settling PF claims and simplifying the process to improve the ease of living. Now, withdrawing PF money will require minimal human intervention, and subscribers will be able to withdraw their claims via ATM.”
ATM withdrawals will only be allowed in cases where the employee has applied for partial withdrawal. Currently, employees can withdraw PF money only under special circumstances, and claims are submitted through the EPFO website or the UMANG app.
Big Changes Expected in 2025
The Labor Secretary said that EPFO’s IT systems are being continuously upgraded. You will see improvements every 2-3 months. A major change is expected in January 2025 when the EPFO’s IT system will reach the level of banking systems. It is important to note that there are more than 70 million active contributors to EPFO at present.
Benefits for Gig Workers
The Ministry of Labor is also preparing to bring social security benefits for gig and platform workers. Dawra mentioned that the framework for this scheme has been prepared and is in its final stages. This scheme could provide benefits like medical health coverage, PF, and financial assistance in case of disability. A committee has also been formed to provide social security and welfare benefits to gig workers.
Drop in Unemployment Rate
The Labor Secretary also stated that the country’s unemployment rate has significantly decreased. She said, “In 2017, the unemployment rate was 6 percent, which has now reduced to 3.2 percent. At the same time, labor force participation and worker participation ratios are also increasing, now reaching 58 percent.”
