Withdraw PF from ATMs Starting 2025: Labour Ministry
The government is keen on improving EPFO services to ease citizens' lives, with over 70 million active contributors currently in the Employees' Provident Fund Organization.
Starting in 2025, EPFO subscribers will have the convenience of withdrawing their Provident Fund (PF) through ATMs, as announced by Labour Ministry Secretary Sumita Dawra. This development is part of the ministry’s efforts to upgrade IT systems and enhance services for the country’s extensive workforce.
Dawra emphasized that the ministry is focused on settling claims quickly and simplifying processes to improve the ease of living. “Claimants, beneficiaries, and insured individuals will be able to access their claims conveniently through ATMs, with minimal human intervention,” she told ANI.
She further added, “Systems are evolving, and every two to three months, you will notice significant improvements. I believe there will be a major enhancement by January 2025.”
According to a report by ET Now, the organization previously indicated that this feature might be rolled out between May and June 2025.
The government is keen on improving EPFO services to ease citizens’ lives, with over 70 million active contributors currently in the Employees’ Provident Fund Organisation.
Additional Plans by the Ministry
Provident Fund Contributions: The government is considering removing the 12% cap on Provident Fund contributions, allowing employees to contribute as much as they desire.
Social Security for Gig Workers: Efforts to extend social security benefits to gig workers are in advanced stages, with a scheme being finalized to include benefits like medical coverage, provident funds, and financial support for disabilities.
Salary Limit Increase for EPF Scheme: The central government may increase the salary limit for the Employees’ Provident Fund (EPF) scheme, marking the first revision since September 2024, when it was raised from ₹6,500 to ₹15,000. However, discussions are still at an early stage.
A committee with representatives from various stakeholders has been formed to propose a framework for providing social security and welfare benefits to gig and platform workers. The Code on Social Security, 2020, officially defined gig and platform workers, including provisions for their social security and welfare.
Dawra also highlighted that the unemployment rate has dropped from 6% in 2017 to 3.2% currently. Additionally, the Labour force participation rate is increasing, with the worker participation ratio reaching 58% and continuing to rise.
For a deeper insight into the evolving workplace paradigm, stay tuned to PeopleManager.co.in.
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