EPFO Rule: The Ministry of Labor and Employment is planning to change the rules for withdrawing PF money soon. According to the information, for this a card will be introduced on the lines of ATM card, from which money can be withdrawn from ATM. However, you will be able to withdraw only a few percent of the total amount from it. Till now it was being said to start it in 2025, know what update has Labor Ministry Secretary Sumita Dawra given about this?
The system is being improved
Right now there is a very long process to withdraw money from PF account. To end this problem, the government is planning to make some changes in the rules of EPFO. It is being said that only 50 percent of the PF amount can be withdrawn from ATM. Labor Ministry Secretary Sumita Dawra says that the ministry is trying to make the IT system for PF better. He said that even before this, many changes have been made in the service of EPFO to make it better.
When will the money be withdrawn from ATM? Sumita Dawra gave information about withdrawing PF money from ATM. She said that ATM facility can be started by 2025. She said that the process which is not necessary will be removed. Many changes can be seen in the PF system from January 2025. As soon as IT 2.1 version is implemented, EPFO members can withdraw money directly from ATM.
How many more changes will be made?
Apart from withdrawal of money, many more advanced improvements will be made in the system. EPFO also gave an update regarding the implementation of EPFO 3.0. In which it was said that many more facilities will be given to the organization PF holders. These changes will give easy access and flexibility to the users. ATM-enabled withdrawal, removal of current contribution cap and pension conversion will be included.
