Big news is coming for EPFO subscribers. From the beginning of next year, PF account holders will be able to withdraw their PF amount directly from the ATM. Labor Secretary Sumita Dawra made this big announcement on Wednesday.
The Labor Ministry is upgrading its IT systems to provide better service to a large workforce of the country. The Labor Secretary said, ‘We are quickly settling the claims filed by the members and simplifying the process to improve the ease of living. Now a beneficiary making a claim can get his claim amount directly from the ATM. This will minimize human intervention and make the process easier.’
The money for which the claim has been filed by the employees will be withdrawn from the ATM. Employees have to apply for partial withdrawal. Employees can withdraw PF money only under certain circumstances. Employees can submit a claim for partial withdrawal through the EPFO website (https://www.epfindia.gov.in) or the Umang app.
Big changes will be seen in the new year
The Labor Secretary told news agency ANI, ‘Systems are constantly being upgraded. Every 2 to 3 months you will see significant improvements. I am confident that a big change will be seen from January 2025. When we will have IT 2.1 version in EPFO. ‘ He said that our goal is to bring the IT infrastructure of EPFO to the same level as our banking system. Let us tell you that EPFO i.e. Employees Provident Fund Organization has about 7 crore active contributors. The Labor Secretary also praised the government’s efforts towards improving EPFO services to increase the ease of living.
Gig workers will get these benefits
Regarding the plans to provide social security benefits to gig workers, the labour secretary said the progress is in an advanced stage but refrained from giving any timeline. “A lot of work has been done and we have outlined a plan, which will now be finalised. These benefits may include medical health coverage, PF and financial assistance in case of disability,” he said. A committee comprising representatives of various stakeholders has been set up to propose a framework for providing social security and welfare benefits to gig and platform workers. Gig and platform workers were first defined in the Social Security Code of 2020, which was enacted by Parliament. The Code contains provisions relating to their social security and welfare.
Unemployment has decreased significantly
On the issue of unemployment, the Labour Secretary said that the unemployment rate has declined. He said, “The unemployment rate was 6 per cent in 2017. Today, it has come down to 3.2 per cent. Moreover, our workforce is growing. The labour force participation rate is increasing and the worker participation ratio, which indicates how many people are actually employed, has reached 58 per cent and is rising.”
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