PF Withdrawal Via ATMs: EPFO Likely To Issue Separate Cards; System Expected To Be Rolled Out Soon
A new system, that would facilitate the withdrawal of provident fund via ATMs, is expected to be rolled out after completion of a hardware upgrade by the EPFO, PTI reported.
%2011_07_24%20.jpg?rect=0%2C0%2C4032%2C2268&auto=format%2Ccompress&fmt=avif)
The Employees' Provident Fund Organisation is likely to issue dedicated cards to subscribers for withdrawal of their funds through ATMs, news agency PTI reported on Friday.
The new system, that would facilitate the withdrawal of provident fund via ATMs, is expected to be rolled out soon following the completion of a hardware upgrade by the EPFO, the report added.
Union Labour Secretary Sumita Dawra told PTI that focus right now of EPFO is to improve the IT infrastructure. "While improvements are being seen in last few months, in January 2025 we will see more improvement coming in as a result of hardware upgradation," she said.
The labour secretary added that the efforts are being made to bring systemic reforms that make processes easier and efficient.
In the new system, the heir of the deceased EPFO subscriber may also be able to use ATMs to withdraw the money after claim settlement, the PTI report added.
Notably, a maximum of Rs 7 lakh is provided under the Employees' Deposit Linked Insurance (EDLI) scheme run by the EPFO to the heirs of deceased subscribers, it further said.
'Modernisation Drive'
According to Dawra, subscribers of the retirement fund body may soon be able to get services at par with banking system.
"As part of this modernisation drive, we also aim to compare EPFO systems with the banking systems in India that are in place and are working well. For ease of living, bringing more transparency and ease of claims is also part of the plan," she was quoted as saying.
The report comes two days after the labour secretary drew attention as she revealed to ANI about the EPFO's plan to allow fund withdrawal through ATMs.
"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," the news agency quoted her as saying on Wednesday.
Notably, the EPFO currently has around seven crore contributing members covered under provident fund, pension and group insurance schemes.
With PTI inputs
