EPFO Latest Update: The Employees Provident Fund Organization (EPFO) has planned to take a revolutionary step for its crores of members. The organization has decided to start a new service in the beginning of the year 2025, under which members will be able to withdraw money from their PF account through ATM. This facility will prove to be a big relief for about 7 crore PF holders of the country.
Current system and importance of new facility
Currently, the process of withdrawing money from PF account is quite time consuming. Members have to wait for 7 to 10 days to receive the amount in their bank account. In the new system, the Ministry of Labor is planning to issue a special card, which will work like a debit card. This will help the members to withdraw money from their PF account immediately.
Implementation of new service
The Ministry of Labor is working seriously for this service starting from January 2025. Although no official announcement has been made in this regard yet, preparations are in full swing. This new service will provide PF holders more freedom and convenience in financial transactions.
PF Withdrawal Rules and Provisions
EPFO has made some important rules for PF withdrawal. Withdrawal of full PF amount is not allowed while working. However, there are special provisions in case of unemployment. After one month of unemployment, members can withdraw up to 75% of their PF balance. After two months of unemployment, full amount is allowed to be withdrawn.
Effect and Benefits of the Facility
PF holders will get many benefits from this new facility. The biggest advantage will be that immediate availability of money will be ensured in emergency situations. This will eliminate long waiting periods and the process will become completely digital. This facility will prove to be a boon especially for those who need immediate financial assistance.
Promoting digital payments
This move will also strengthen the government’s Digital India mission. The facility of PF withdrawal through ATM will promote digital transactions and increase transparency. This system will be safe and reliable, as it will include all the security features of the banking system.
Future Prospects
With this new facility, EPFO can launch more digital services in the future. This initiative is an important step towards the modernization of EPFO. This will not only provide convenience to the members but will also increase the efficiency of the organization.
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