look news india
Big news for 7 crore members of Employees Provident Fund Organization (EPFO). Some time ago there was news that the government is working on the facility to withdraw PF from ATM under EPF. Now a big revelation has come regarding this.
Enhancement of the pen and the pen itself
Labor Secretary Sumita Dawra has announced that the Ministry of Labor and Employment is currently in the process of overhauling its IT systems to better serve India’s workforce. He said that EPFO members can expect big improvements from next year i.e. 2025, because they are going to get the facility to withdraw PF money from ATMs. Sumitra Davra, Secretary, Ministry of Labor and Employment, said, “We are making major reforms in our IT system of PF provision. “We have seen many reforms in the past as well, which have led to an increase in Kalam and self-Kalam.”
EPFO is working on advanced technology
He said that unnecessary processes have been eliminated under PF. Our ambition is to bring the IT infrastructure of EPFO at par with our banking system. You will see major improvements in January 2025, when we will have IT 2.1 version in EPFO. The claimant, beneficiary or insured person can withdraw the claim directly through ATM. Also, you may see some other improvements as the system becomes more advanced.
Government’s EPFO
The number of active contributors to the Employees Provident Fund Organization is more than 7 crores. The Labor Secretary also highlighted the government’s commitment to enhance EPFO services to improve the overall quality of life. Dawra indicated that plans were in the advanced stage, although no specific timeframe was given. Government initiatives to enhance EPFO services and make life easier include announcing a new card for PF withdrawals, which can be easily done through ATMs. However, the withdrawal limit will be 50% of the total deposit amount.
EPFO withdrawal rules
- You are not allowed to withdraw PF funds partially or completely during employment.
- If you are unemployed for at least a month, you can withdraw up to 75% of your PF balance.
- You are eligible to withdraw the full amount after 2 months of unemployment.
