EPFO: As soon as the news of the facility to withdraw EPFO money from ATM came, there was a wave of happiness among the EPFO subscribers. Union Labor Secretary Sumita Dawra had informed a day ago that the facility to withdraw provident fund money from ATM will be started from next year. Now it has become clear that under the EPFO money withdrawal scheme, provident fund members or customers will be able to get banking like facilities.
New cash withdrawal process will be started soon for EPFO members
There is a possibility that dedicated cards may be issued for withdrawing PF amount from ATMs. According to Sumita Dawra, the hardware will be updated for this and after this the new system can be started. EPFO members currently have to wait for 7 to 10 days for claim settlement.
EPFO members will be able to withdraw only 50 percent of the total PF amount.
This is important news for the members of the Employees Provident Fund Organization that they will be able to withdraw only 50 percent of the total deposited amount of their provident fund through ATM like card. Information about this has been received from sources.
Heirs of deceased EPFO member will be able to withdraw PF money from ATM
The Labor Secretary has also informed that the nominees of deceased EPFO members will also be able to withdraw their Employee Deposit Linked Insurance (EDLI) claim amount through ATM. Employers contribute to this insurance scheme.
How much amount will be available to withdraw on how much salary?
Those members whose average monthly salary is more than Rs 15 thousand can get an amount of up to Rs 7 lakh from their PF account. Apart from this, for those whose average monthly income is less than Rs 15,000, they can be given the facility to withdraw up to Rs 5.5 lakh from ATM.
read this also
Switzerland ends India’s Most Favored Nation status, Indian companies will have to pay more tax
