Members of the Employees’ Provident Fund Organization (EPFO) and Employees’ State Insurance Corporation (ESIC) may soon get the facility to use their claim amount through e-wallets.
Labor and Employment Ministry Secretary Sumita Dawra gave this information on Wednesday. It is being told that EPFO is also considering implementing the system of direct withdrawal from ATM. The process of ATM and e-wallet can be implemented by March 2025.
He said that the organization is working towards simplifying the process of withdrawal from PF account. Currently, in auto settlement cases, the amount goes directly to the bank account and members can withdraw it from any ATM. Now the organization is preparing how to send the claim amount directly to the e-wallet. Work is being done towards developing a new system for this.
Contacted the banks
Dawra said that we have started discussions with banks and other financial institutions to implement the new system and will soon prepare a practical plan on it. He also informed that the Reserve Bank of India is being contacted to implement this process. This initiative will provide more flexibility to all members in using their funds and promote digital transactions.
Withdrawal rules will not change
An official associated with EPFO says that in the new system, only the withdrawal process will be simplified. There will be no change in the rest of the rules related to withdrawal. Under the current rules, an employee will be able to withdraw only the amount of money he is allowed to withdraw at one time.
Employers have to do the verification by January 31
EPFO has extended the last date for checking higher salary options for pension and uploading salary details to 31 January 2025. EPFO has said that even after extending all the dates, more than 3.1 lakh applications are pending with the employers, so this time the last chance is being provided.
Along with this, EPFO has also requested the employers to submit their replies and provide information in 4.66 lakh cases by January 15. It is worth noting that till July 11, 2023, 17.49 lakh applications have been received for higher pension. Out of these, verification of more than 3.1 lakh applications is still pending with the employers.
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