Another major news for EPFO members. Great news for millions of EPFO subscribers! Soon, you’ll be able to withdraw your PF money right from an ATM. This new feature is just a couple of months away. As reported by the Financial Times, the Employees’ Provident Fund Organization (EPFO) is gearing up to roll out this service.

 

EPFO is currently in discussions with the National Payments Corporation of India (NPCI) to make this happen, and we can expect it to launch by May or June 2025.

 

Special cards will be issued by EPFO for members, allowing them to access their PF funds directly from ATMs. This initiative aims to modernize EPFO services and provide easy access to funds for millions of employees.

 

Here are some key points to keep in mind:

EPFO is enhancing its IT infrastructure to ensure this new service runs smoothly.

 

The government also plans to allow EPFO beneficiaries, particularly the families of deceased employees, to withdraw PF through ATMs.

 

Under the ‘Employees’ Deposit Linked Insurance Scheme’, families of deceased employees can receive up to ₹ 7 lakh.

 

The goal is to streamline the claims process, making it easier for employees and their families to access their funds without hassle.

 

According to Union Labour Secretary Sumita Dawra, EPFO is committed to strengthening its IT systems, and we can expect further improvements in the coming months to make all PF-related tasks quicker and simpler.

 

 

He mentioned that now the person claiming or the beneficiary can easily take out their PF directly from the ATM, with minimal human involvement. He believes this will streamline the claim settlement process, allowing folks to access their money quickly and without any fuss.

 

A huge relief for 70 million people

The EPFO has over 70 million active members, and this new feature could be a game-changer for them. It’s part of the government’s ‘Ease of Living’ initiative, aimed at making EPFO services more efficient and user-friendly. Members won’t have to deal with lengthy procedures anymore; they can simply head to the designated ATM with their card to withdraw their PF funds.