The Employees' Provident Fund Organisation or the EPFO is currently in talks with the National Payments Corporation of India (NPCI) to roll out the ATM withdrawal feature, as reported by the Financial Times.
The system is expected to be rolled out by May or June 2025. As per earlier reports, the Employees' Provident Fund Organisation will issue dedicated cards to subscribers for withdrawal of their funds through ATMs.
All You Need To Know
The initiative is part of a broader effort to modernise EPFO services and improve the ease of access for its vast membership. The implementation of this new withdrawal method is set to be executed after the completion of ongoing hardware upgrades within the EPFO's infrastructure.
According to Union Labour Secretary Sumita Dawra, a key focus of the EPFO is the enhancement of its IT infrastructure. While incremental improvements have been observed in recent months, a significant advancement was expected to be done by January 2025.
The Labour Secretary has emphasised that these efforts are for systemic reforms that streamline processes and increase efficiency.
Another notable feature of the upcoming system is the potential for heirs of deceased EPFO subscribers to utilise ATMs for fund withdrawals after the settlement of claims. This development aims to simplify the process for beneficiaries during a difficult time.
Furthermore, it is important to note that the Employees' Deposit Linked Insurance scheme, administered by the EPFO, provides a maximum benefit of Rs 7 lakh to the heirs of deceased subscribers.
"We are settling claims quickly and are working to make the process easier to improve the ease of living," Dawra had stated earlier.
"A claimant, beneficiary, or insured person will be able to access their claims conveniently through ATMs, with minimal human intervention." This advancement signifies the EPFO's commitment to providing services that align with the convenience and efficiency of the modern banking system.
With over 70 million active contributors, the EPFO plays a crucial role in the financial security of India's workforce. The government's efforts to enhance EPFO services reflect a dedication to improving the "ease of living" for its members.
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