EPFO: The Employees’ Provident Fund Organization (EPFO) is preparing to start the service of withdrawing Provident Fund (PF) money through ATM for its members soon.
Under this new scheme, EPFO members can withdraw money directly from the ATM using a dedicated card after requesting their claim. The heirs of deceased EPFO members i.e. the nominee will also be able to withdraw the claim money from the ATM.
How do members withdraw money now?
Currently, EPFO members have to wait for seven to 10 days to receive their claim money, after which the amount is transferred to their respective bank accounts. After the new scheme is implemented, withdrawing PF money will be as easy as withdrawing money from an ATM. This process will become faster and simpler.
Dedicated Card for PF Claim
EPFO is considering providing services like the banking system to its more than seven crore members. Union Labor Secretary Sumita Dawra said that EPFO can soon provide dedicated cards to its members. Through which they can withdraw their money claim amount through ATM.
Heirs will also get this service
With this new method, the heirs of the deceased EPFO members will also be able to settle the claim and withdraw the amount using ATM. Under the Employee Deposit Linked Insurance (EDLI) scheme run by EPFO, the heirs of the deceased members are given an amount of up to a maximum of Rs 7 lakh.
EPF members will benefit
Dawra said that EPFO’s focus is currently on creating the necessary infrastructure for this new system. He said that more improvements will be seen as a result of hardware improvement in January 2025. The aim of this modernization campaign is to make EPFO’s systems similar to the efficient banking systems already existing in India. This move of EPFO will not only make it easier to get claims. But, it will also improve transparency and efficiency.
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