EPFO e-Wallet: A significant shift could soon occur for EPFO and ESIC users. With the convenience of an e-wallet, your funds will be readily accessible, facilitating quicker and simpler withdrawals. The Ministry of Labor is developing this new plan that will relieve you from the troubles of having a bank account.
The government is developing a new plan for the participants of the Employees’ Provident Fund Organization (EPFO) and the Employees’ State Insurance Corporation (ESIC). Shortly, customers will have the option of an e-wallet, enabling them to use the funds in their account directly. Labor Secretary Sumita Dawra stated that conversations are underway with banks and the RBI regarding this new facility, and the scheme’s draft will be finalized shortly.
e-Wallet can replace ATM base system soon
At present, the claim funds for EPF and ESIC are deposited straight into the bank account, after which subscribers must withdraw the cash from the account using an ATM. With the new system, the claim amount will be deposited straight into the e-wallet, allowing customers to bypass delays and complications in the banking process. The Labor Secretary stated, “We will shortly establish a system that allows funds to be withdrawn and utilized via e-wallet.”
Advantages of e-wallet
EPFO and ESIC users will receive various advantages from e-wallet: The government is set to launch this initiative shortly, and talks are ongoing with the Reserve Bank of India regarding this.
What benefits can we expect?
Quick Withdrawal: Funds will be instantly deposited into your e-wallet without any banking procedures.
Increased convenience: The digital payment option will be accessible everywhere via a wallet.
Time efficiency: You will be free from bank formalities and ATM lines.