Exciting Update for PF Account Holders! Access Your PF Funds Instantly at ATMs – Learn More
Exciting Update for PF Account Holders! Access Your PF Funds Instantly at ATMs – Learn More
Labour Secretary Sumita Dawra announced that the Labour and Employment Ministry is working on upgrading its IT systems to better support India’s workforce. She noted that EPFO subscribers can look forward to major enhancements, including the ability to withdraw funds directly from their provident accounts at ATMs starting next year.
“We are improving the IT system for our PF provision. We’ve already noticed some advancements. The speed and automatic settlement of claims have improved, and unnecessary processes have been streamlined. Our goal is to elevate the IT infrastructure of our EPFO to match that of the banking system. You will witness significant improvements in January 2025 when we launch the IT 2.1 version in EPFO… Claimants, beneficiaries, or insured individuals will be able to withdraw claims directly through ATMs, with minimal human involvement,” stated Sumitra Dawra, Secretary of the Ministry of Labour and Employment.
The Employees’ Provident Fund Organisation currently has over 70 million active contributors.
In addition, the Labour Secretary emphasized the government’s dedication to improving EPFO services to enhance the quality of life. Progress is being made in extending social security benefits to gig workers, with Dawra noting that plans are in advanced stages, although no specific timeline has been mentioned.
As part of the government’s efforts to improve EPFO services and simplify living conditions, a new card will be issued for PF withdrawals, allowing for convenient access through ATMs. However, there will be a limit of 50% on the total amount that can be withdrawn.
The Social Security Code of 2020, which was passed by Parliament, defines gig and platform workers and includes provisions related to their social security and welfare.
Guidelines for EPFO Withdrawals
You cannot withdraw your PF funds, either partially or fully, as long as you are still employed. If you have been unemployed for a minimum of one month, you can withdraw up to 75% of your PF balance. After being unemployed for two months, you are allowed to withdraw the entire amount.
