EPFO Revolution: Direct Access to Funds Through ATMs
The EPFO may enable subscribers to withdraw their EPF directly via ATMs or UPI by linking their bank accounts with EPF. This initiative seeks to streamline withdrawals by resolving software issues and increasing the auto-settlement limit, aiming to enhance service efficiency similar to banking systems.
- Country:
- India
In a potential breakthrough for EPFO subscribers, the retirement fund body is exploring ways for members to access their provident fund directly through ATMs or UPI. This plan involves linking bank accounts with EPF, simplifying withdrawals that currently require cumbersome application processes.
A high-ranking source reveals that efforts are underway to tackle software challenges that hinder this new system. The labor ministry's project will allow a portion of EPF funds to be withdrawn directly using ATMs or other modes, with a chunk being frozen to maintain fund stability. The source emphasized the need for streamlined services akin to banking institutions.
The auto-settlement mode has already seen its limit raised, allowing members quicker access to their entitlements for urgent needs. Originally introduced during the COVID-19 pandemic, online settlements aimed to alleviate financial strains. With over 5 crore annual claims, the system seeks to reduce administrative burdens and improve service efficiency by emulating banking systems' standards.
(With inputs from agencies.)
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- EPFO
- withdrawal
- ATM
- UPI
- labour
- ministry
- auto-settlement
- EPF
- banking
- finances
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