EPFO: As quickly because the information of the ability to withdraw EPFO cash from ATM got here, there was a wave of happiness among the many EPFO subscribers. Union Labor Secretary Sumita Dawra had knowledgeable a day in the past that the ability to withdraw provident fund cash from ATM will be began from subsequent 12 months. Now it has grow to be clear that below the EPFO cash withdrawal scheme, provident fund members or clients will be able to get banking like services.
New money withdrawal course of will be began quickly for EPFO members
There is a risk that devoted playing cards could be issued for withdrawing PF amount from ATMs. According to Sumita Dawra, the {hardware} will be up to date for this and after this the brand new system can be began. EPFO members at the moment have to watch for 7 to 10 days for declare settlement.
EPFO members will be able to withdraw only 50 percent of the entire PF amount.
This is essential information for the members of the Employees Provident Fund Organization that they will be able to withdraw only 50 percent of the entire deposited amount of their provident fund by means of ATM like card. Information about this has been obtained from sources.
Heirs of deceased EPFO member will be able to withdraw PF cash from ATM
The Labor Secretary has additionally knowledgeable that the nominees of deceased EPFO members will additionally be able to withdraw their Employee Deposit Linked Insurance (EDLI) declare amount by means of ATM. Employers contribute to this insurance coverage scheme.
How much amount will be obtainable to withdraw on how much salary?
Those members whose common month-to-month salary is greater than (*50*) 15 thousand can get an amount of up to (*50*) 7 lakh from their PF account. Apart from this, for these whose common month-to-month earnings is lower than (*50*) 15,000, they’ll be given the ability to withdraw up to (*50*) 5.5 lakh from ATM.
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