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Employees' Provident Fund Organization (EPFO) is bringing a big facility for its more than 7 crore members. Now PF account holders will be able to withdraw their Provident Fund (PF) money directly through ATM. For this facility, a special card will be provided to the beneficiaries by EPFO. Giving information about this scheme, Sumita Dawra, Secretary, Union Labor Ministry, said that after the settlement of PF related claims, the beneficiaries will be able to withdraw money directly from the ATM.

We will have to wait for so many days2

At present, EPFO ​​members have to wait for 7-10 days for settlement of their PF claims. After online claim, this money is sent directly to the bank account of the beneficiary. To make this process simple and fast, EPFO ​​is working towards improving its services like banks.

This is planning

Sumita Dawra said that the IT infrastructure of EPFO ​​is being continuously improved. He said that we have been working on improving the IT system for the last few months. After the hardware update, even better features will be seen by January 2025.

EPFO provides not only PF facility to its members but also medical health coverage, pension, and financial assistance at the time of disability. Dawra said that the objective of bringing systemic reforms in EPFO ​​is to make the processes easier and efficient. The scheme of PF withdrawal from ATM is a step in this direction. Not only this, nominees will also be able to withdraw PF money soon.

New facility will be implemented by 2025

EPFO's new ATM withdrawal facility is expected to be launched by 2025. Technical preparations related to this scheme are going on at a fast pace. Dawra said that the IT system is being improved to make PF services easier and faster. Even before this, many reforms have been made to make the claim process faster and simpler.

When can you withdraw full PF money?

As per the current rules, EPFO ​​members cannot withdraw the entire PF amount while in job, but if a person remains unemployed for a month, he can withdraw up to 75 percent of his PF. In case of being unemployed for two months, withdrawal of the entire amount is allowed.