Good news for government employees. Subscribers of Employees’ Provident Fund Organisation (EPFO) and Employees’ State Insurance Corporation (ESIC) will soon be able to use claim settlement money through e-wallets. The Ministry of Labor and Employment is in talks with the RBI to make a plan on this. “It is an area of great interest for an insured person and a contributor as to how he can withdraw his money more easily,” Sumita Dawra, Secretary, Ministry of Labour and Employment, said on Wednesday.
Sumita Dawra said that in cases of automatic settlement, the EPF money goes to the bank account and the shareholders are able to withdraw this amount from the bank account through any ATM. Now that you are talking about how the claim settlement amount can go directly to the e-wallet, we have to make a system for this. We have started talks with bankers to introduce this facility in a practical way. At present, in cases of automatic settlement, the EPF money goes to the bank account and the subscriber can withdraw it from any ATM.
As many as 17.49 lakh opted for higher pension option
As many as 17.49 lakh members of the retirement fund body of the Employees’ Provident Fund Organisation (EPFO) have applied for the option to contribute on their actual basic salary for higher pensions following the apex court’s order in November 2022. Minister of State for Labour and Employment Shobha Karandlaje said at present these applicants are either contributing or have already contributed at the ceiling of Rs 15,000 per month even if their actual basic salary is higher.
You can withdraw your PF money directly from ATMs
From next year, EPFO subscribers will be able to withdraw their provident fund directly from ATMs. “We are expeditiously settling claims and working to make life easier and process easier,” Labour Secretary Sumita Dawra said. A claimant, beneficiary or insured will be able to easily access their claims through ATMs with minimal human intervention.
