Subscribers of the Employees’ Provident Fund Organization (EPFO) and Employees’ State Insurance Corporation (ESIC) will soon have a simpler way to access their Provident Fund (PF) claim amounts.
The Ministry of Labor and Employment is working on new initiatives to make PF claims easier than ever before.
Currently, EPFO subscribers are expected to have the option to withdraw PF money just like withdrawing cash from an ATM.
Direct Transfer to E-Wallet for EPFO Subscribers
An exciting update reveals that, in addition to withdrawing from ATMs, EPFO subscribers will soon be able to receive their PF money directly in their e-wallets.
Sumita Daura, a ministry official, explained that while ATM withdrawals through linked bank accounts are currently available, the ministry is also planning to introduce e-wallet transfers.
To make this happen, the ministry is collaborating with the Reserve Bank of India (RBI) and other banks.
Simplified Withdrawal Process
ATM Withdrawals: Starting in 2025, EPFO subscribers will have the option to directly withdraw PF claims from ATMs. This will be part of the ministry’s ongoing IT system reforms.
IT System Upgrades: The Ministry is upgrading its IT systems to streamline the withdrawal process.
With the new system, subscribers can easily access their PF funds through their Universal Account Number (UAN) or linked bank account.
Improved Infrastructure: EPFO is working to develop the infrastructure needed for these updates, with further improvements expected in January 2025.
These changes are aimed at creating a system as efficient as the banking systems in India.
This move will not only simplify the process of accessing PF claims but also enhance transparency and efficiency.
