PF amount withdrawal through ATM soon to be launched
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The Employees’ Provident Fund Organisation (EPFO) is set to launch a new system called ‘EPFO 3.0’, which will allow subscribers to withdraw their provident fund (PF) directly from ATMs, making the process faster and more convenient.
Union Labour Minister Mansukh Mandaviya announced this initiative at an event in Hyderabad, stating that the upgraded system will function similarly to a bank, enabling seamless transactions for EPFO members.
The minister explained that the new system will be linked to subscribers’ Universal Account Numbers (UAN), ensuring that all transactions, including withdrawals and claim settlements, are simplified and easily accessible.
He emphasised that employees should have the freedom to access their own money whenever they need it, without unnecessary delays or approvals. He also highlighted that EPFO 3.0 is a significant reform aimed at improving user experience and reducing the long-standing issues associated with fund withdrawals.
Currently, withdrawing PF money involves a complex process requiring paperwork and employer approvals, which leads to delays and inconvenience for subscribers. With EPFO 3.0, employees will no longer have to visit government offices, as they will be able to withdraw their funds from ATMs in the same manner as withdrawing cash from a bank account.
While the exact withdrawal limits for ATMs have not been disclosed, the system is expected to make transactions quicker and hassle-free.
In addition to the ATM withdrawal facility, the government plans to launch an EPFO 3.0 mobile app by May or June this year, which will allow subscribers to check their PF balance, track transactions, and manage their accounts more efficiently.
The introduction of this app is part of a series of reforms aimed at streamlining EPFO services, including faster claim processing, simplified name correction options, and pension withdrawals from any bank.
Mandaviya noted that the EPFO has already made several improvements, leading to a reduction in complaints related to its services, and he assured that the new system will further enhance accessibility and efficiency.
