Big news is coming for EPFO subscribers. From the beginning of next year, PF account holders will be able to withdraw their PF amount directly from the ATM. Labor Secretary Sumita Dawra made this big announcement on Wednesday. The Labor Ministry is upgrading its IT systems to provide better service to a large workforce of the country.
The Labor Secretary said, ‘We are quickly settling the claims filed by the members and simplifying the process to improve the ease of living. Now a beneficiary making a claim can get his claim amount directly from the ATM. This will minimize human intervention and make the process easier.’
The money for which the claim has been filed by the employees will be withdrawn from the ATM. Employees have to apply for partial withdrawal. Employees can withdraw PF money only under certain circumstances. Employees can submit claims for partial withdrawal through the EPFO website (https://www.epfindia.gov.in) or Umang app.
Big changes will be seen in the new year
The Labor Secretary told news agency ANI, ‘Systems are constantly being upgraded. Every 2 to 3 months you will see significant improvements. I am confident that a big change will be seen from January 2025. When we will have IT 2.1 version in EPFO. ‘
He said that our goal is to bring the IT infrastructure of EPFO to the same level as our banking system. Let us tell you that there are about 7 crore active contributors in EPFO i.e. Employees Provident Fund Organization. The Labor Secretary also praised the government’s efforts towards improving EPFO services to increase the ease of living.
Gig workers will get these benefits
Regarding the plans to provide social security benefits to gig workers, the Labor Secretary said that the progress is in an advanced stage, but he refrained from giving any timeline. He said, ‘A lot of work has been done and we have outlined a plan, which will now be finalized. These benefits may include medical health coverage, PF and financial assistance in case of disability.’
A committee comprising representatives of various stakeholders has been formed to propose a framework for providing social security and welfare benefits to gig and platform workers. Gig and platform workers were first defined in the Social Security Code of 2020, which was enacted by Parliament. The Code includes provisions related to their social security and welfare.
Unemployment has reduced significantly
On the issue of unemployment, the Labor Secretary said that the unemployment rate has declined. He said, “The unemployment rate was 6 per cent in 2017. Today, it has declined to 3.2 per cent. Moreover, our workforce is growing. The labour force participation rate is increasing and the worker participation ratio, which indicates how many people are actually employed, has reached 58 per cent and is rising.”
