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EPFO Subscribers Alert: Withdraw Provident Fund Money Directly From ATMs Soon
EPFO Subscribers Alert: Withdraw Provident Fund Money Directly From ATMs Soon
EPFO will soon allow Provident Fund withdrawals via ATMs, enhancing ease for subscribers. New services aim to streamline claims and improve social security access.
New Delhi: In a major development aimed at enhancing convenience for millions of workers across the country, the Labour Ministry is introducing upgraded IT systems that will enable Employees' Provident Fund Organisation (EPFO) subscribers to withdraw their provident fund (PF) money directly from ATMs. This initiative is expected to roll out early next year, according to Labour Secretary Sumita Dawra.
Highlighting the ministry's efforts to streamline services, Dawra stated, “We are settling claims quickly and working to simplify processes to improve ease of living. Soon, beneficiaries will be able to access their claims conveniently through ATMs with minimal human intervention.”
Continuous Upgrades in Systems
The Labour Secretary emphasized the ongoing improvements, noting that systems are evolving significantly every few months. “I believe there will be a major enhancement by January 2025,” Dawra said in her remarks to ANI, pointing to the government’s commitment to better services for workers.
Social Security for Gig Workers in Progress
In addition to the ATM withdrawal feature, the Labour Ministry is advancing efforts to extend social security benefits to gig and platform workers. While Dawra refrained from providing a specific timeline, she confirmed that significant progress has been made. The proposed benefits include medical coverage, provident funds, and financial support in cases of disability.
A committee comprising representatives from various stakeholders has been formed to draft a framework for implementing these benefits. The inclusion of gig and platform workers in social security schemes was first outlined in the Code on Social Security, 2020, which was passed by Parliament.
Decline in Unemployment Rates
Dawra also addressed the nation’s improving employment scenario, reporting a significant drop in the unemployment rate. “In 2017, the unemployment rate stood at 6 percent. Today, it has decreased to 3.2 per cent,” she said. She further highlighted an increase in the Labour Force Participation Rate (LFPR) and Worker Participation Ratio, with the latter now at 58 percent and continuing to rise.
EPFO’s Growing Reach
With over 70 million active contributors, EPFO is a cornerstone of social security for workers in India. The government’s initiatives to enhance its services underscore efforts to ensure ease of access and improved quality of life for its subscribers.
