Everyone is waiting for 2025. Meanwhile lakhs of govt employees are waiting for govt’s decision regarding PF. The Ministry of Labor and Employment might soon reveal a major update concerning PF. Following that, the regulations for extracting funds from the PF account will be modified. In addition to this, the lengthy procedure for withdrawing funds will be unnecessary. Reports suggest that a card will be introduced for PF similar to an ATM card. With this, PF funds can be taken out directly from the ATM. Today, we will explain how PF money can be accessed now and the duration involved.
What is the government’s strategy?
Sumita Dawra, Secretary of the Ministry of Labor and Employment, has provided details regarding this. He mentioned that the government could launch the ATM service by 2025. This choice will be made to eliminate processes that are not essential. Sumita Dawra indicates that significant alterations will be noticeable in the PF system starting January 2025. With the introduction of IT 2.1, EPFO members will have the option to withdraw funds straight from ATMs.
How can you withdraw money from your PF at this moment?
At present, EPFO members experience long wait times to access their funds. Simultaneously, its procedure also requires a significant amount of time. To take out money, begin by visiting the EPFO portal, input the UAN number and password, then log in. Following this, your account will be activated. In this case, the claim option will show up when accessing online services, and upon clicking it, a new page will be displayed.
Select the PF account, in which you will also have to give information about how much amount you want to withdraw and for what reason. After this, there will be an option to upload a scanned copy of the check or passbook. Upload it and submit your claim. After this, your money will be transferred to your account in at least 3 days and maximum 8 days.
