1 week Ago By Rashmi Ranjan
The Employee Provident Fund (EPF) subscribers can withdraw the provident fund (PF) using Automated teller machines (ATM) from 2025, Labour Ministry announced on Wednesday. According to Sumitra Dawra, secretary of Labour Ministry, the ministry is mulling to upgrade the IT systems to facilitate ‘enhance services’ to the EPF subscribers across the country. “We are settling claims quickly and are working to make the process easier to improve the ease of living.
A claimant beneficiary or insured person will be able to access their claims conveniently through ATMs, with minimal human intervention,” Dawra told ANI. “Systems are evolving and every two to three months, you will notice significant improvements. I believe there will be a major enhancement by 2025,” she added.
Also Read: EPFO Board okays redemption policy for ETFs to boost earnings for members Though when the facility will be launched has not been declared immediately, several national media reports suggest it will be rolled out between May and June in 2025. Apart from this, the EFPO is also planning to remove 12 per cent cap on PF contribution and allow employees to contribute whatever amount they want. Read More: EPFO records 7.
6 per cent increase in members to 7.37 crore Besides, the central government is also likely to increase the salary limit for the EPF Scheme, marking the first revision since September 2024, when it was raised from Rs 6,500 to Rs 15,000. According to Dwara, the unemployment rate has dropped significantly to 3.
2 per cent from 6 per cent in 2017..
