EPFO Latest News: There is great news for crores of employed people. Subscribers of Employment Provident Fund Organization (EPFO) will soon be able to withdraw their PF money directly through ATM.
EPFO Latest News: There is great news for crores of employed people. Subscribers of Employment Provident Fund Organization (EPFO) will soon be able to withdraw their PF money directly through ATM. Union Labor Minister Mansukh Mandaviya announced on Thursday that Employees Provident Fund Organization (EPFO) customers will soon be able to withdraw their PF savings from ATM. EPFO is set to launch its ‘EPFO 3.0 version’, which will make access to PF funds as easy as bank transactions.
What are the details
Speaking at the inauguration of the Telangana regional office of EPFO, Mandaviya said the new system will eliminate the need for subscribers to visit EPFO offices or depend on employers for withdrawals. “It is your money. You will be able to withdraw it from ATMs whenever you want,” he assured.
Know how PF withdrawal through ATM will work?
IT system upgrade: The ministry is improving its IT infrastructure to make PF withdrawal as seamless as withdrawing cash from a bank account. Subscribers will no longer need to go through lengthy claim filing processes or wait for funds to be disbursed.
Direct access: The EPFO plans to link PF accounts to an ATM-compatible system. Subscribers will be able to access their funds through their registered UAN (Universal Account Number) or linked bank accounts.
Authentication process: Withdrawals will involve multi-factor authentication, such as an OTP sent to the registered mobile number, which ensures security and compliance with EPFO guidelines.
Liquidity disbursement: The initiative aims to settle claims instantly, eliminating the delays currently faced by members.
PF money can also be withdrawn through UPI
The organization is in talks with the National Payments Corporation of India (NPCI) to integrate PF withdrawal with digital payment platforms like PhonePe, Google Pay, Paytm and Bhim. This will ensure instant fund transfer instead of the current 2-3 day processing time through NEFT or RTGS. EPFO has already prepared a blueprint for UPI integration and hopes that the facility will be launched within 2-3 months.
