By Mewati Sitaram
In a major update for the 7 crore members of the Employees’ Provident Fund Organization (EPFO), Labour Secretary Sumita Davra announced that the Ministry of Labour and Employment is working to upgrade the IT system to better serve the Indian workforce. Starting in January 2025, EPFO members will be able to withdraw their PF money directly through ATMs.
Davra explained that the ministry has already made several improvements to the PF system, streamlining processes and increasing self-claims. With the upcoming IT 2.1 update in 2025, EPFO’s infrastructure will be on par with banking systems, enabling members to access their funds easily through ATMs, along with other system enhancements.
How It Works: Withdrawals will be capped at 50% of the PF balance to ensure funds are available for emergencies. The process is designed for convenience, eliminating lengthy procedures and offering 24/7 access to PF funds.
Benefits: Ease of Access, no need to visit EPFO offices; withdrawals can be made from any ATM. Faster Transactions: ATM withdrawals ensure quicker access to funds, especially during emergencies. 24/7 Availability: Access your PF anytime, including weekends and holidays. Efficiency: The upgraded IT system will reduce errors and streamline the process. Financial Flexibility: Immediate access to PF helps with urgent financial needs.
With these improvements, the government aims to enhance social security for all workers, including those in the gig economy.
Editor in Chief : Mewati SItaram
