The Employees’ Provident Fund Organization (EPFO) is expected to launch EPFO 3.0 soon and there will be modifications to the rules of EPFO after this. The crores of EPFO members would benefit from this change.
Yes, a little while ago according to media reports, there is government backing to make PF withdrawal through ATMs easier. At this time, there is an update. Sumita Davra; “The government is working to enhance the IT system to provide better services for the workforce,” said Labor Secretary, Ministry of Labor and Employment.
PF money will be withdrawn from ATM
Sumita Davra also mentioned that EPFO members may get the benefit of withdrawing PF amount through ATM in 2025. The government is working towards this. As per the EPFO, the betterment will come in that service, ‘trying to improve the IT System for PF provision. Previously, too many improvements were done in EPFO services.
As per the information given by EPFO Adoption Advanced Technology Sumita Davra, removing the unnecessary processes from PF. EPFO is doing optimal to create IT infrastructure similar to that of Banking. It has expressed hope that power can be seen in the PF system by January 2025.
He further stated on the IT 2.1 version that once this is implemented, EPFO members can withdraw PF money through ATMs. Apart from this, many more advanced improvements would be seen in the EPFO system.
What is the Withdrawal Rule of EPFO?
- As per EPFO rules, full withdrawals are not allowed in service to members.
- One can withdraw 75% if a person is unemployed for only 1 month.
- Unemployment for two months allows an individual a full withdrawal from the PF Fund.
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