Withdrawal of PF money is the largest headache for working folks. Till now, one needed to face many issues to withdraw PF money. But, now you will be capable of simply withdraw your PF money via ATM. Labor Secretary Sumita Dawra has given vital info associated to this facility.
When will PF money be withdrawn from ATM?
From subsequent 12 months i.e. after only one month, workers will be capable of withdraw money from their provident fund i.e. PF via ATM. Labor Secretary Sumita Dawra, whereas speaking to information company ANI, mentioned that from the starting of 2025, PF account holders will be capable of withdraw their PF quantity immediately from ATM. This step has been taken in the course of offering higher service to the nation’s giant workforce and simplifying the course of.
What did Sumita Dawra say
Sumita Dawra mentioned, “We are settling PF claims quicker and simplifying the course of to extend ease of dwelling. Now minimal humanitarian intervention will be required for PF withdrawal and subscribers will be capable of withdraw their declare money via ATM.
Withdrawal from ATM will be allowed solely in circumstances the place the worker has utilized for partial withdrawal. At current, workers can withdraw PF money solely beneath particular circumstances. For this, declare is submitted via EPFO web site or Umang app.
Big adjustments anticipated from 2025
The Labor Secretary mentioned that the IT system of EPFO is being constantly upgraded. You will see enchancment each 2-3 months. We will see an enormous change from January 2025, when EPFO’s IT system will attain the degree of banking system. Let us let you know, at the moment there are greater than 7 crore energetic contributors in EPFO.
Gig staff will get advantages
The Labor Ministry is making ready to deliver social safety advantages for gig and platform staff additionally. Dawra mentioned that the define of this plan has been ready and it’s being finalized. This scheme can present advantages like medical well being protection, PF and monetary assist in case of incapacity. A committee has additionally been constituted to offer social safety and welfare advantages to gig staff.
Unemployment charge additionally declined
The Labor Secretary mentioned that the unemployment charge in the nation has decreased considerably. He mentioned, “In 2017, the unemployment rate was 6 percent, which has now come down to 3.2 percent. Along with this, labor force participation and worker participation ratio is also increasing, which has now reached 58 percent.”
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