New Delhi. Now it is going to be very easy for employed people to withdraw money from their EPF account. EPFO is working on a new system, under which employees will be able to withdraw the money deposited in their EPF account directly from ATM. Labor Secretary Sumita Dawra, while talking to news agency ANI, said that the Ministry of Labor and Employment of the Government of India is upgrading its IT system to make this process easier. He said the IT 2.1 upgrade is expected to be implemented in January next year. After this upgrade, the IT infrastructure of EPFO will become like the banking system of the country.
PF withdrawal card facility
The new system will include a special ‘PF Withdrawal Card’, which will be used only to withdraw money from the EPF account. This card will be like the debit cards issued by banks.
How will PF withdrawal card work?
With the help of PF Withdrawal Card, EPFO members will be able to withdraw money from their EPF account by going to ATM. However, there will be a limit for withdrawing money. EPFO members will be able to withdraw only a maximum of 50 percent of the amount at one time.
No change in current rules
Sumita Dawra clarified that the existing rules for PF withdrawal will remain the same as before. For example, if a person is unemployed for a month, he can withdraw 75 percent of the amount deposited in his PF account. At the same time, after two months he can withdraw the entire amount.
the process is accelerating
He said that the process of PF settlement has now become much easier than before. Many unnecessary processes have been eliminated, making the PF withdrawal experience more seamless for employed people.
Employed people will benefit
This step of the Ministry of Labor and Employment will provide a lot of relief to the employed people. Withdrawal of money from EPF account will now take less time and the process will become very simple.
