EPFO Update: The new rules which are meant to make the PF claiming process simple, however, were devised and rolled out in the beginning of the New Year by the Ministry of Labor and Employment. Currently, the method of drawing PF money is quite lengthy. Hence, the Ministry of Labor and Employment intends on implementing some new rules in this regard. According to the new rule, employees will be able to withdraw their PF money from their ATMs only.
So, under this new rule, all employees will be given a new kind of card that will be similar to that of a debit card. Employees would be able to withdraw PF money from ATMs using this card. Let’s understand what this new rule is all about.
What is the government’s plan?
Sumita Dawra, Secretary of the Ministry of Labor and Employment, has recently mentioned in a statement that the facility of withdrawing PF money from the ATM shall be started in the early months of 2025. With this rule, there will be less waiting time for PF money withdrawal. After the IT 2.1 implementation, EPFO employees will directly withdraw PF money from ATM.
How to withdraw PF money now?
As everyone would know, at present employees have to wait a lot to withdraw their PF money. Because at this time the process of PF claim is very long. If one intends to withdraw PF money in this time, then the first step one has to take is to go to the official portal of EPFO and log in by entering his UAN number and password. At that point, one just needs to go to online services and click claim.
Next, detail the reason for withdrawing PF money, then scan and upload the check or passbook. After finishing up this whole process, the money takes about a week to be credited into your account. Instead, you can withdraw your PF money just within a few seconds as per the new rule into an ATM.
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