pf withdraw from Atm new update in 2025

pf withdraw from Atm new update in 2025 : EPFO members can expect a significant improvement from next year 2025 as they will be able to withdraw PF funds from ATMs. Sumitra Dawra, Secretary, Ministry of Labor and Employment, said, “We are improving the IT system of our PF provision.

pf withdraw from Atm new update in 2025

Big news has come for the 7 crore members of the Employees’ Provident Fund Organization (EPFO). A few days ago there were reports that the government is allowing PF withdrawals from ATMs under the EPF. Now a big disclosure has been made regarding this. More information click here

Labor Minister Sumita Dawra announced that the Ministry of Labor and Employment is currently working on upgrading its IT system to better serve Indian workers.pf withdraw from Atm new update in 2025.

He said that EPFO members can expect big improvements from next year i.e. The facility to withdraw PF funds from ATMs will be available in 2025. Sumitra Avra, Secretary, Ministry of Labor and Employment, said, “We are improving the IT system of our PF provision. Even before this, we have seen many improvements, which has increased the speed of claim and self-claim. pf withdraw from Atm new update in 2025

EPFO is working on advanced technology

He said that unnecessary processes have been removed under PF. Our ambition is to bring our EPFO’s IT infrastructure to the same level as our banking system.

epfo atm withdrawal new update in 2025 You will see big improvements in January 2025, when we will have IT 2.1 version in EPFO… Claimants, beneficiaries or the person who has been assured will be able to withdraw claims directly through ATM. Also, as the system becomes more advanced, you will see some more improvements. pf withdraw from Atm new update in 2025.

Government EPFO

There are over 7 billion active contributors to employee benefit organizations. Additionally, the Labor Secretary highlighted the government’s commitment to enhance EPFO services to improve the overall quality of life. Davra indicated that plans are in advanced stages, although no specific timeline was given.

The government’s initiatives to enhance EPFO services and make life easier include issuing a new card for PF withdrawal, which can be done easily through ATM. However, there will be a withdrawal limit of 50% on the total deposit amount. pf withdraw from Atm new update in 2025.

Rules for withdrawal from EPFO

You are not allowed to withdraw PF funds partially or fully while you are in job.

• If you are unemployed for at least one month, you can withdraw up to 75% of your PF balance.

After two months of unemployment, you are eligible to withdraw the entire amount.

Figures are showing positive signs

A dedicated committee has been formed with various stakeholder representatives to develop a framework for social security and welfare benefits for gig and platform workers. This committee will protect the interests of people working in this sector.

The Social Security Code, 2020 passed by Parliament introduced the first formal definition of gig and platform workers. It includes provisions for their welfare and social security. This law provides protection to these workers.

Regarding employment figures, the Labor Secretary noted positive trends in unemployment figures. He said: The unemployment rate was 6% in 2017, now it has fallen to 3.2%. This shows that employment opportunities have increased.

He further said, ‘Moreover, our workforce is growing. The labor force participation rate is increasing and the labor participation ratio, which shows how many people are actually employed, has reached 58 per cent. It is continuously increasing.’ This is a good sign for the country’s economy.