MONEY
EPFO working to make provident fund withdrawal via ATMs in 2025
- IBJ Bureau
- Dec 14, 2024
Starting 2025, Employees’ Provident Fund Organisation (EPFO) subscribers will be able to withdraw their provident fund (PF) through ATMs, Labour Ministry Secretary Sumita Dawra has said. She has highlighted that the ministry is upgrading IT systems to offer “enhanced services” to the country’s extensive workforce.
“We are settling claims quickly and are working to make the process easier to improve the ease of living. A claimant, beneficiary or insured person will be able to access their claims conveniently through ATMs, with minimal human intervention,” the Labour Secretary has added.
She adds: “Systems are evolving, and every two to three months, you will notice significant improvements. I believe (that) there will be a major enhancement by January 2025.”
Previously, according to a report by the ET Now, the organisation had indicated that this feature may be rolled out between May and June 2025.
The government focuses on improving EPFO services to make life easier for citizens. The EPFO currently has over 7 crore active contributors.
The government is considering removing the 12 per cent cap on PF contributions, allowing employees to contribute as much as they want.
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