You can withdraw PF via ATMs from next month
What's the story
To revolutionize the way subscribers access their provident fund (PF) savings, the Employees' Provident Fund Organisation (EPFO) will soon allow ATM withdrawals.
The innovative feature is part of a broader digital transformation plan which will be launched between May and June.
Union Labour and Employment Minister Mansukh Mandaviya confirmed the development in an interview with PTI.
Digital upgrade
Version 3.0 for enhanced services
The EPFO is gearing up to launch Version 3.0, an advanced IT platform to simplify and speed up services for its over nine crore members. The upgrade will come with features like auto-claim settlements, digital corrections, and ATM-based fund withdrawals.
Automation
New system to eliminate manual processes
The new EPFO system will largely eliminate the need for manual form-filling or physical visits for most services.
It promises faster claim settlements, which could mean faster fund transfers into bank accounts.
Mandaviya also noted plans to integrate various social security schemes such as Atal Pension Yojana, PM Jeevan Bima Yojana, and Shramik Jan Dhan Yojana to boost pension coverage.
Financial overview
EPFO's financial standing
The EPFO currently manages a ₹27 lakh crore fund, providing an interest rate of 8.25% on deposits. In FY 2024-25, it collected more than ₹3.41 lakh crore through electronic challans filed by employers.