PF Withdrawal from ATM: In the meeting to be held on October 10-11 under the chairmanship of Labor and Employment Minister Mansukh Mandaviya, it will be decided when PF money can be withdrawn from ATM under EPFO 3.0.
PF Withdrawal from ATM: There is a big good news for the Employees’ Provident Fund Organization (EPFO) subscribers. The central government may soon provide the facility of withdrawing PF money from ATM before Diwali, which was being talked about for a long time. A meeting is going to be held on this on October 10-11 under the chairmanship of Labor and Employment Minister Mansukh Mandaviya. However, the final agenda has not been decided yet. ET said in its report, quoting sources, the government is planning to start some special facilities for about 8 crore EPFO subscribers before Diwali to improve the way of spending.
This demand of trade unions is also discussed
EPFO may consider EPFO 3.0 in its meeting next month, which aims to start bank-like facilities. Under this, options include withdrawing a part of the provident fund through ATM or UPI transactions. The Central Board of Trustees of the organisation is also expected to review the proposal to increase the minimum pension from Rs 1,000 per month to between Rs 1,500 and Rs 2,500, meeting the persistent demand of the trade unions.
EPFO 3.0 has many benefits
EPFO 3.0 has not one but many benefits. The purpose of launching it is to make the PF service completely digital so that things like withdrawing or claiming money become easier for the subscribers. It was earlier scheduled to be launched in June this year, but it was delayed due to technical testing.
Under EPFO 3.0, you will not only be able to withdraw PM’s money from ATM, but PF withdrawal will also be possible through apps like Google Pay, PhonePe or Paytm. That is, now you will not have to go to the PF office to claim PF or make small changes in the account, but you will be able to do this work very comfortably sitting at home. With its help, you will also be able to track the balance and contribution of the PF account.
Under this new system, an ATM-like card will be issued to EPFO subscribers. This card will be linked to the PF account, through which you will be able to easily withdraw your PF money from the ATM. To withdraw money from UPI, F account has to be linked to UPI.
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