EPFO subscribers will be able to withdraw their provident funds directly from ATMs, as announced by Labor Secretary Sumita Daura.
ATMs to facilitate easy PF withdrawal for subscribers starting from 2025
The Ministry of Labor is modernizing its IT systems to provide better services to the country’s vast workforce. From 2025, EPFO subscribers will be able to withdraw their provident funds directly from ATMs, Labor Secretary Smita Daura said on Wednesday.
“We are working to speed up claims processing and simplify the process to improve ease of life. Claimants, beneficiaries, or insureds will soon be able to access ATMs with minimal human interaction. together will be able to access their claims,” Daura told the news agency ANI.
“The systems are constantly evolving, and you’ll see significant improvements every two to three months. We expect a major upgrade by January 2025.”
Employees Provident Fund Organization (EPFO) currently serves more than 70 million active members.
Daura also highlighted the government’s ongoing efforts to enhance EPFO services for ease of living.
Regarding the extension of social security benefits for gig workers, Daura confirmed that progress was being made but the timeline was put on hold.
“We have made a lot of progress and have outlined a scheme which is now in its final stages,” he said. Proposed benefits may include health coverage, provident funds and financial assistance for the disabled.
A committee with stakeholders from various sectors has been set up to develop a framework for social security and welfare benefits for gig and platform workers. These workers were formally defined in the Code on Social Security, 2020, which was passed by Parliament, and included in the regulation for their welfare.