The Employees Provident Fund Organization (EPFO) is going to provide its members the facility to withdraw Provident Fund (PF) money through ATM. For this, a dedicated or special card will be given to the beneficiaries by EPFO. Union Labor Ministry Secretary Sumita Dawra said that beneficiaries will be able to withdraw money directly from the ATM only after the settlement of PF-related claims.
7-10 days wait for settlement of online claim
Under the current system, EPFO members have to wait for 7-10 days for the settlement of their online claim. After this, this money is sent directly to the beneficiary's bank account. Dawra said that EPFO is considering providing PF services to its more than seven crore members like banks.
Continuously improving IT infrastructure for some months - Minister.
He said that at present our focus is on improving the Information Technology (IT) infrastructure. We have been continuously improving for the last few months. After the hardware update, more improvements will be seen in January 2025.
This facility is provided by EPFO.
Dawra said that efforts are being made to bring systemic improvements so that the processes can be made more easy and efficient. Apart from PF, EPFO also provides medical health coverage, pension, and financial assistance in case of disability to its members.
PF money will be withdrawn from the ATM
Sumita Dawra also said that it can be expected that from the year 2025, EPFO members will get the facility to withdraw PF money through ATM. The government is working on this. Regarding the better service of EPFO, she said that we are trying to improve the IT system for PF provision. Even before this, many improvements have been made in the service of EPFO. These improvements include speed in the claim and self-claim.
What is the withdrawal rule of EPFO?
According to the rules of EPFO, members cannot withdraw completely while working.
If a person is unemployed for one month then he can withdraw 75% of the amount.
If a person is unemployed for two months then he can withdraw the entire amount from the PF Fund.
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