The process of withdrawing money from your EPF account is going to be easier for the employed people under EPFO. The Employees’ Provident Fund Organisation (EPFO) is working on a new system through which employees will be able to withdraw money deposited in their PF account directly from ATMs. In this regard, Labour Secretary Sumita Dawra said that the Ministry of Labour and Employment is upgrading its IT system to simplify the process of withdrawing money from the EPF account.
EPFO to provide banking facility
According to media reports the IT 2.1 upgrade of EPFO will be implemented by January 2025. After this, the IT infrastructure of EPFO will become like the banking system of the country. With this upgrade, EPFO members and pensioners will be able to access their PF account balance with less human intervention.
Special card for pensioners
This new system will also include a special PF Withdrawal Card, which will be fully useful for withdrawing money deposited in the PF account. This card will work like a debit card of banks. Through this, employees will be able to withdraw money deposited in their PF account from the ATM.
PF Withdrawal Card Limitations and features
- A maximum of 50 per cent of the amount can be withdrawn from the account at a time through PF Withdrawal Card.
- According to the rules, if an employee is unemployed for a month, he can withdraw 75% of the amount from his PF account.
- In case of unemployment for two months, the employee can withdraw the entire amount deposited in his account.
PF withdrawal process will be easier and faster
This step of the Ministry of Labour and Employment will bring a big relief to the employed people. The process of PF settlement has already been made easier, and now non-essential processes have also been eliminated. This new system will not only speed up the evacuation process but will also be more convenient.
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What will be the benefit to the working class?
- A quick and easy process: Now PF withdrawal will be possible without any long process.
- Withdrawals directly from ATMs: You can withdraw money from ATMs just like you can from banks.
- The saving of time: There will be less need for paperwork and other formalities.
- Better management of money: With the withdrawal limit, employees will be able to manage their funds better.
With this new facility, EPFO is bringing a revolutionary change for the employed people, which will make it easier to meet their financial needs.
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