EPFO Members Can Withdraw Funds From ATMs From 2025, Says Labour Secretary Sumita Dawra

Employees' Provident Fund Organisation subscribers will be able to withdraw their provident funds directly from ATMs from January 2025, ANI reported on Wednesday quoting Labour Secretary Sumita Dawra.

"We are settling claims quickly and are working to make the process easier to improve the ease of living. A claimant, beneficiary, or insured person will be able to access their claims conveniently through ATMs, with minimal human intervention," ANI reported quoting Dawra as saying in an interview to the news agency.

The Employees' Provident Fund Organisation has over 70 million active contributors, the report said, adding that the Labour Secretary also emphasised the government's efforts to improve EPFO services to enhance the ease of living.

Commenting on plans to extend social security benefits to gig workers, Dawra told ANI that the progress was at an advanced stage. "A lot of work has been done, and we have outlined a scheme that is now in the finalisation process," she told ANI.

Earlier this month, the Employees' Provident Fund Organisation had invested Rs 34,207.93 crore in exchange-traded funds during the April-October period this fiscal year.

According to a written reply to Lok Sabha by Minister of State for Labour and Employment Shobha Karandlaje, the EPFO had invested Rs 57,184.24 crore in the ETFs.

The total amount of various funds managed by EPFO was Rs 24.75 lakh crore as of March 31, 2024, including debt investments of Rs 22,40,922.30 crore and Rs 2,34,921.49 crore in ETFs.

Further, the deadline for activating the universal account number and linking Aadhaar to bank accounts has been extended to Dec. 15, 2024.

A circular from the Employees' Provident Fund Organisation announced that the previous deadline of Nov. 30 will now be shifted to Dec. 15.

According to the earlier circular, UAN activation and Aadhaar seeding in bank accounts were required to be completed by that date.