Do you work in the public or private sector? So you only have three days left. Members of the Employees’ Provident Fund Organization (EPFO) might soon receive positive updates. The Union Labour Ministry is engaging with the Reserve Bank of India (RBI) and additional banks to provide a new service to EPFO members. It is thought that shortly EPF members will have the ability to take out PF funds from ATMs. A report cited sources indicating that the Labor Ministry aims for PF account holders to have the ability to withdraw PF funds via ATMs or e-wallets connected to bank accounts.
Improved amenities will be provided
Currently, the Employees Provident Fund Organization (EPFO) is enhancing its services to offer improved support to employees. Following this, members may be provided with features such as the ability to withdraw PF funds from ATMs. The report cited an official stating that by January 2025, features such as connecting the EPFO account with an ATM card may be available. In addition to this, additional features could be added to facilitate easier withdrawals.
What is the current system?
In the existing system, funds are transferred straight to the customer’s bank account only in instances of auto settlement of claims, which can be withdrawn afterward. The official stated that the Labour Ministry has suggested e-wallets, which are also being evaluated. The government is negotiating with the RBI and banks to introduce these services.
Numerous new members included
The report states that the system is under development and is expected to undergo substantial enhancements starting next month. Starting in January 2025, withdrawing PF money from ATMs may be initiated. The Employees’ Provident Fund Organization (EPFO) has registered 13.41 lakh additional members in October this year. The Ministry of Labor indicates that this shows the rise in job openings and the increasing awareness regarding employee benefits.
