EPFO New Rule / Now PF money can be withdrawn from ATM, nominee will get this facility

EPFO New Rule: The Employees' Provident Fund Organization (EPFO) is preparing to give a new and big facility to its members. Now PF account holders will be able to withdraw their Provident Fund (PF) amount directly through ATM. Under this revolutionary facility, EPFO ​​will provide a special card to its members, which will make PF withdrawal possible from ATM. This move is a major improvement on the part of EPFO ​​​​to make the services simple and fast.

Union Labor Ministry Secretary Sumita Dawra gave information about this scheme and said that after the settlement of the claim related to PF, the beneficiaries will be able to withdraw money directly from the ATM. This facility is expected to be implemented by 2025.

Current process and need for improvement

At present, EPFO ​​​​members have to wait for 7-10 days for the settlement of their PF claim. After filing the claim online, the amount is sent directly to the beneficiary's bank account. However, this process still involves time and complexity. To make it simpler and faster, EPFO ​​is improving its IT infrastructure, so that the services can become as fast and efficient as banks.

ATM withdrawal scheme

Sumita Dawra told that EPFO's IT system is becoming more advanced than before. With the help of new hardware and software updates, this facility will be fully implemented by 2025. Under this new scheme:

Special cards will be issued to PF account holders.

Beneficiaries will be able to withdraw money directly from the ATM as soon as the claim is settled.

Nominees will also get this facility, so that they can easily withdraw PF amount.

Expanded objective of EPFO

The objective of EPFO ​​is not limited to PF management only. This organization provides pension, medical health coverage, and financial assistance in emergency situations to its members.

The main objective behind the latest reforms is to make the processes simple and transparent. The scheme of PF withdrawal from ATM is an important step in this direction.

Withdrawal rules during unemployment

As per the current rules, withdrawal of entire PF amount is not allowed during the job. However, it can be withdrawn under certain special conditions:

Account holders can withdraw 75% of their total amount after one month of unemployment.

The entire amount can be withdrawn after two months of unemployment.

This rule helps members who face temporary employment-related problems.

Preparing for the future

This new initiative of EPFO ​​is an important step towards making services more accessible using digital technology. Preparations are in full swing to fully implement this scheme by 2025. This facility will not only save time but will also provide a convenient and reliable experience to millions of beneficiaries.

This effort of EPFO ​​will prove to be a big step towards bringing positive change in the lives of Indian workers.