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) subscribers 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 is the detail
Speaking at the inauguration of the EPFO’s Telangana regional office, Mandaviya said the new system will eliminate the need for subscribers to visit EPFO offices or depend on employers for withdrawals. “It’s 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: 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: Withdrawal will involve multi-factor authentication, such as OTP sent to the registered mobile number, which ensures security and compliance with EPFO guidelines.
– Liquidity Disbursement: This initiative aims to ensure prompt settlement of claims, thereby eliminating the delays currently faced by members.
You can also withdraw PF money through UPI
The organisation is in talks with the National Payments Corporation of India (NPCI) to integrate PF withdrawals with digital payment platforms such as 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. The EPFO has already prepared a blueprint for UPI integration and hopes to launch the facility within 2-3 months.
