EPFO Introduces Easy PF Withdrawals via ATM Cards in 2025: A Step Toward Faster, Accessible Benefits
EPFO Introduces Easy PF Withdrawals via ATM Cards in 2025
PF Withdrawals via ATM : Starting in January 2025, people with an Employees’ Provident Fund (EPF) account may be able to take out their savings from ATMs.
Sumita Dawra, the Labour Secretary, told ANI that the government is improving its computer systems. So that it will be easier for people to withdraw their money and get better service.
Once the new system is ready next year, the EPFO will have technology similar to banks. This means people will be able to access their PF money with less help from others.
Dawra further said, “We are making our systems better to make it easier for people to get their money. Soon, you will be able to withdraw PF money from ATMs.”
PF Withdrawals via ATM Process, How Will It Work?
The new system will include a special PF card, similar to a bank ATM card. But, you can only take out 50% of your total PF balance.
Sumita Dawra said that the process of claiming PF is already faster . As now unnecessary steps have been removed as part of the system upgrade.
The government also promised to improve social security. They plan to extend benefits to gig and platform workers under the Code on Social Security, 2020. The exact date for this hasn’t been given, but work is moving forward.
Currently, the EPFO has over 70 million active members. The rules for withdrawing PF remain the same: you cannot withdraw while still working.
If you are unemployed for one month, you can withdraw 75% of your balance. After two months, you can take out all of it.
The India has huge workforce of over 640 million workers. This new plan is part of the government’s effort to improve living conditions and provide better social security for India’s workforce. This change will help make PF withdrawals faster and easier.
