It is going to be quite easy for the employed people under the EPFO to withdraw money from their EPF account. The EPFO is working on a system that will allow employees to withdraw money deposited in their EPF account directly from ATMs. Labor Secretary Sumita Dawra told the news agency ANI that the Ministry of Labor and Employment of the Government of India is engaged in upgrading its IT system to simplify the process of withdrawing money deposited in the EPF account.
EPFO’s IT infra to be like banking system
The IT 2.1 upgrade is expected to be implemented in January next year, after which the IT infrastructure of EPFO will be at par with the country’s banking system. This will give EPFO members and pensioners access to their EPF account with minimal human intervention. He said that this entire system also includes a special PF withdrawal card, which will be used only to withdraw money deposited in the EPF account.
PF withdrawal card will be like a debit card
According to Labor Secretary Sumita Dawra, this PF withdrawal card will be similar to the debit card issued by banks. With the help of PF withdrawal card, EPFO members will be able to withdraw money deposited in their PF account by going to the ATM. He said that there will be a limit to withdraw money from the PF account. EPFO members will be able to withdraw a maximum of 50 percent of the amount deposited in their account at a time. He said that the process of PF settlement has become much easier than before and the unnecessary process has been eliminated.
Withdrawing money from PF account will be very easy
He said that the rules of withdrawal will remain the same as before. If a person has been unemployed for one month, then he can withdraw 75% of the amount deposited in his PF account and after two months he can withdraw all the money deposited in his account. This move by the Ministry of Labor and Employment will not only make it very easy for the employed people to withdraw money from their PF account but it will take much less time.
