Big news for EPFO ​​subscribers! Come 2025, you may be able to withdraw your PF money directly from ATMs: Report – Times of India

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Big news for EPFO ​​subscribers! Come 2025, you may be able to withdraw your PF money directly from ATMs: Report – Times of India

EPFO members may have the power to entry their provident funds by ATMs.

Provident Fund withdrawal from ATMs quickly? Come 2025, you may be able to withdraw your provident fund directly from ATMs. The Labor Ministry is modernizing its data know-how infrastructure to ship higher providers to the nation’s substantial workforce.
EPFO members may have the power to entry their provident funds by ATM machines starting subsequent yr, Labor Secretary Sumita Dawra instructed ANI.
“We are settling claims quickly and are working to make the process easier to improve the ease of living. A claimant, beneficiary, or insured person will be able to access their claims conveniently through ATMs, with minimal human intervention,” the Labor Secretary mentioned. .
The Employees’ Provident Fund Organization presently serves greater than 70 million energetic contributors.
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“Systems are evolving, and every two to three months, you will notice significant improvements. I believe there will be a major enhancement by January 2025,” she added.
The Labor Secretary highlighted the federal government’s initiatives to strengthen EPFO providers for enhancing residents’ comfort.
Regarding social safety advantages for gig staff, Dawra indicated substantial progress however didn’t specify implementation dates.
“A lot of work has been done, and we have outlined a scheme that is now in the finalization process,” she mentioned. The proposed advantages may embody well being protection, provident funds and incapacity help.
A devoted committee with varied stakeholder representatives has been fashioned to develop a framework for gig and platform staff’ social safety and welfare advantages.
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The Code on Social Security, 2020, handed by Parliament, launched the primary formal definition of gig and platform staff, incorporating provisions for their welfare and social safety.
Addressing employment statistics, the Labor Secretary famous constructive developments in unemployment figures.
“In 2017, the unemployment rate was six per cent. Today, it has decreased to 3.2 per cent,” she mentioned.
“Furthermore, our workforce is growing. The Labor Force Participation Rate is increasing, and the Worker Participation Ratio, which indicates how many people are actually employed, has reached 58 per cent and continues to rise,” she added.



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