EPFO e-wallet: A big change can come soon for EPFO and ESIC customers. Through the facility e-wallet, your money will be directly in your hands, which will make withdrawal easier and faster. The Ministry of Labor is working on this new scheme, which will free you from the hassle of a bank account.
1. Work started on the e-wallet plan for EPFO-ESIC withdrawal
The government is working on a new scheme for the subscribers of the Employees' Provident Fund Organization (EPFO) and Employees' State Insurance Corporation (ESIC). Soon the customers will get the facility of e-wallet, through which they will be able to use the amount of their account directly. Labor Secretary Sumita Dawra said that discussions are going on with banks and RBI on this new facility, and soon the draft of the scheme will be prepared.
2. There will be relief from the hassle of a bank account
At present, the money for EPF and ESIC claims goes directly to the bank account, after which the subscribers have to withdraw from the bank account through ATM. Under the new scheme, the claim amount will go directly to the e-wallet, so that customers can avoid delays and hassles caused by the banking process. The Labor Secretary said, "We will soon create a system through which money can be withdrawn and used through e-wallet."
3. What will be the benefits of e-wallet facility?
EPFO and ESIC customers will get many benefits from e-wallet: The government is preparing to implement this scheme soon and discussions are also going on with the Reserve Bank of India for this.
Fast withdrawal
: Money will be received directly in the e-wallet without any banking process.
More convenience
: The facility of digital payment will be available anywhere from the wallet.
Time-saving
: Bank process and ATM queues will be eliminated.
Disclaimer: This content has been sourced and edited from ZEE Business Hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
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