Withdrawal of PF money is the biggest headache for working people. Till now, one had to face many problems to withdraw PF money. But, now you will be able to easily withdraw your PF money through ATM. Labor Secretary Sumita Dawra has given important information related to this facility.
When will PF money be withdrawn from ATM?
From next year i.e. after just one month, employees will be able to withdraw money from their provident fund i.e. PF through ATM. Labor Secretary Sumita Dawra, while talking to news agency ANI, said that from the beginning of 2025, PF account holders will be able to withdraw their PF amount directly from ATM. This step has been taken in the direction of providing better service to the country’s large workforce and simplifying the process.
What did Sumita Dawra say
Sumita Dawra said, “We are settling PF claims faster and simplifying the process to increase ease of living. Now minimum humanitarian intervention will be required for PF withdrawal and subscribers will be able to withdraw their claim money through ATM.
Withdrawal from ATM will be allowed only in cases where the employee has applied for partial withdrawal. At present, employees can withdraw PF money only under special circumstances. For this, claim is submitted through EPFO website or Umang app.
Big changes expected from 2025
The Labor Secretary said that the IT system of EPFO is being continuously upgraded. You will see improvement every 2-3 months. We will see a big change from January 2025, when EPFO’s IT system will reach the level of banking system. Let us tell you, currently there are more than 7 crore active contributors in EPFO.
Gig workers will get benefits
The Labor Ministry is preparing to bring social security benefits for gig and platform workers also. Dawra said that the outline of this plan has been prepared and it is being finalized. This scheme can provide benefits like medical health coverage, PF and financial help in case of disability. A committee has also been constituted to provide social security and welfare benefits to gig workers.
Unemployment rate also declined
The Labor Secretary said that the unemployment rate in the country has decreased significantly. He said, “The unemployment rate in 2017 was 6 percent, which has now come down to 3.2 percent. Along with this, labor force participation and worker participation ratio is also increasing, which has now reached 58 percent.”
Also read: If you have two bank accounts, will you have to pay penalty? Know what is the truth of the claim announced by RBI
