Huge information for EPFO subscribers! Come 2025, you could possibly withdraw your PF cash straight from ATMs: Report

Provident Fund withdrawal from ATMs quickly? Come 2025, you could possibly withdraw your provident fund straight from ATMs. The Labour Ministry is modernising its data know-how infrastructure to ship higher providers to the nation’s substantial workforce.
EPFO members may have the potential to entry their provident funds by ATM machines starting subsequent yr, Labour Secretary Sumita Dawra instructed ANI.
“We’re settling claims rapidly and are working to make the method simpler to enhance the benefit of residing. A claimant, beneficiary, or insured particular person will have the ability to entry their claims conveniently by ATMs, with minimal human intervention,” the Labour Secretary mentioned.
The Staff’ Provident Fund Organisation at present serves greater than 70 million lively contributors.
Additionally Learn | PAN 2.0: The way to simply apply for PAN Card reprint with QR code – verify 6 easy steps on-line
“Programs are evolving, and each two to 3 months, you’ll discover vital enhancements. I imagine there can be a significant enhancement by January 2025,” she added.
The Labour Secretary highlighted the federal government’s initiatives to strengthen EPFO providers for bettering residents’ comfort.
Relating to social safety advantages for gig staff, Dawra indicated substantial progress however didn’t specify implementation dates.
“Plenty of work has been accomplished, and we’ve outlined a scheme that’s now within the finalisation course of,” she mentioned. The proposed advantages would possibly embrace well being protection, provident funds and incapacity help.
A devoted committee with numerous stakeholder representatives has been fashioned to develop a framework for gig and platform staff’ social safety and welfare advantages.
Additionally Learn | PAN 2.0: Why you must apply for brand new PAN Card with QR code – prime 5 advantages defined
The Code on Social Safety, 2020, handed by Parliament, launched the primary formal definition of gig and platform staff, incorporating provisions for his or her welfare and social safety.
Addressing employment statistics, the Labour Secretary famous optimistic tendencies in unemployment figures.
“In 2017, the unemployment fee was six per cent. At the moment, it has decreased to three.2 per cent,” she mentioned.
“Moreover, our workforce is rising. The Labour Drive Participation Price is rising, and the Employee Participation Ratio, which signifies how many individuals are literally employed, has reached 58 per cent and continues to rise,” she added.