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EPFO subscribers will be able to withdraw their provident funds directly from ATMs, as announced by Labour Secretary Sumita Dawra.
Withdraw your PF directly from ATMs starting next year: Labour secretary
The Labour Ministry is modernising its IT systems to offer better services to the nation’s vast workforce.
Starting in 2025, EPFO subscribers will be able to withdraw their provident funds directly from ATMs, as announced by Labour Secretary Sumita Dawra.
“We are working to expedite claims processing and simplify the process to improve ease of living. Claimants, beneficiaries, or insured individuals will soon be able to access their claims with minimal human interaction via ATMs,” Dawra told news agency ANI.
“Systems are continually evolving, and you’ll notice significant improvements every two to three months. We expect major upgrades by January 2025,” she added.
The Employees’ Provident Fund Organisation (EPFO) currently serves over 70 million active contributors.
Dawra also highlighted the government’s ongoing efforts to enhance EPFO services for greater ease of living.
Regarding the extension of social security benefits to gig workers, Dawra confirmed that progress is being made but withheld a timeline.
“We’ve made considerable headway and outlined a scheme that’s now in its final stages,” she said. The proposed benefits could include health coverage, provident funds, and financial support for disabilities.
A committee with stakeholders from various sectors has been established to draft a framework for social security and welfare benefits for gig and platform workers. These workers were officially defined in the Code on Social Security, 2020, which Parliament passed, and provisions for their welfare are included in the Code.
Addressing unemployment, Dawra noted the improvement in the country’s job market.
“In 2017, the unemployment rate was 6%. Today, it’s down to 3.2%,” she stated.
“Our workforce is also growing. The Labour Force Participation Rate is increasing, and the Worker Participation Ratio, which shows how many people are employed, has reached 58%, continuing to rise,” Dawra concluded.
