PF users ALERT! Now, you will be able to withdraw PF money from ATM from…, other details inside

In some great news for over 7 crore employees who are registered with the Employees’ Provident Fund Organization (EPFO), the central government is reportedly working on enabling employees to withdraw their provident fund from ATM like a regular debit card. In a statement, a senior official of the Union Ministry of Labor and Employment said the government was in the process of enhancing its IT systems in order to provide better services to the country’s workforce.

“We are improving the IT system of our PF provision. Even before this, we have seen many improvements, which have increased the speed of claims and self-claims,” said Labor Secretary Sumitra Dawra.

Dawra said that EPFO members can can expect major improvements from next year, including the facility to withdraw PF from any ATM in the country.

“Our aim is to bring our EPFO’s IT infrastructure up to the same level as our country’s banking system. You will see big improvements from January 2025, when we will have IT 2.1 version in EPFO. Claimants, beneficiaries or insured persons will be able to withdraw claims directly via any ATM machine,” she said.

Dawra said the plans for above mentioned facilities are in their late stages, but did not give any specific timeline. Giving details, the official said the initiative is aimed to enhance and streamline EPFO services, which includes issuing a new card for EPFO members for PF withdrawal. This card can be used like an ATM card to withdraw funds from any ATM machine, however the withdrawal limit of the card will be capped at 50% of the total PF amount.

PF withdrawal rules

• Any EPFO member who wishes to withdraw PF funds partially or fully, cannot do so while still being employed.
• You can withdraw up to 75% of your PF balance if you are unemployed for at least one month,
• You are eligible to withdraw your entire PF amount after being unemployed for two months.

The EPFO has over 7 crore active contributors.