EPFO New Rule: From the year 2025, EPFO members can get the facility of withdrawing PF money through ATM. The government is working for this. For this, a dedicated or special card will be given to the beneficiaries by EPFO. Under the current system, EPFO members have to wait for 7-10 days for the settlement of their online claim.
EPFO New Rule: 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 claim.
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 the past few 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 is updated, 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PF money will be withdrawn from ATM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 for 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 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 percent.
- If you remain unemployed for two months, you can withdraw the entire amount from your PF Fund.
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