EPFO: The Employees’ Provident Fund Organisation (EPFO) has revealed significant updates in regulations and policies for its millions of subscribers. Most of the recent changes are expected to take effect at the start of the new year. The retirement fund organization is offering numerous new services for its members. It appears that these modifications are being implemented primarily to enhance the convenience of services for PF subscribers and to manage their retirement funds more efficiently. EPFO sources indicated that these recent modifications will advantage employees in the private sector as well as those in government positions. Let’s discover what those changes entail.
Withdraw PF funds through ATMs
The key alteration that EPFO is implementing for its members is that it will permit them to withdraw PF funds through ATMs. The option to withdraw PF through ATMs is expected to be accessible starting from the next financial year 2025-26. This will make it quite simple for them to access their PF money whenever they require it. At present, it requires about 7-10 days. However, if ATM withdrawal is permitted, it will be accessible almost immediately.
Modern IT infrastructure
EPFO is enhancing its information technology infrastructure. This will enable PF claimants and beneficiaries to withdraw their deposits online. This new system is expected to be launched starting June 2025. The Employees’ Provident Fund Organisation is pondering the possibility of permitting its members to invest in various equities, such as exchange-traded funds. They claim this will enable PF subscribers to handle their funds more effectively, resulting in major alterations for pensioners.
Access for pension
Under the updated regulations, retirees are allowed to access their pension from any bank nationwide without requiring further verification. This change will provide increased flexibility for members regarding pension withdrawals. They will get the convenience of withdrawing pension from any bank. This will save a lot of time.