Good news for lakhs of EPFO members. Prior to 2025, the Union Labor Ministry was announcing significant updates for EPFO members. Talks are in progress with various banks, including the Reserve Bank of India (RBI), to develop initiatives that will offer new services for members. The service is anticipated to be launched in January 2025.
Advantages of PF withdrawal via ATM
To facilitate EPFO members, the Union Labor Ministry has now intended to initiate the procedure for withdrawing PF from ATM machines. Starting now, EPFO members can withdraw their provident fund money directly from ATM machines without the need to visit the bank. Talks are ongoing with the Reserve Bank of India and other banks to implement this service successfully. The service is anticipated to be introduced starting January 2025.
Fresh strategies for e-wallet services
In addition to ATM services, the Union Labor Ministry is considering a plan to implement e-wallets. EPFO members can conveniently access their PF funds through this wallet. Nonetheless, there has been no formal statement issued on this matter up to now. Nonetheless, employees are already showing interest in this service.
EPFO continually strives to enhance their services to make them more accessible and appropriate for employees. The introduction of the new services will simplify the daily financial tasks for EPFO members moving forward. This new action taken by the central government is anticipated to provide significant relief to the Provident Fund members. All are anticipating the swift implementation of these services to enhance employee convenience.
