PF withdrawal through ATM: The upcoming EPFO 3.0 will work on a robust digital platform, which can make it attainable to make use of straightforward account administration utilizing ATM-based withdrawal, auto-calm settlement, digital enchancment and OTP-based verification.
Highlights
- It is possible for you to to withdraw your cash immediately from the ATM.
- The ability is being launched underneath EPFO 3.0.
- It’s anticipated to start out from Might or June 2025.
The Subscribers of the Workers Provident Fund (EPF) will quickly be capable of withdraw their funds from the ATM immediately, as a part of a serious expertise upgradation of the Workers Provident Fund Group (EPFO). The function is being launched underneath the EPFO model 3.0, which is predicted to start out from Might or June 2025. The aim of digital overhaul is to simplify and enhance entry to processes for greater than 9 million account holders.
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- Union Labor and Employment Minister Mansukh Mandavia introduced that the upcoming model 3.0 would work on a robust digital platform.
- This can make it attainable for simple account administration utilizing ATM-based clearance, auto-claim settlement, digital enchancment and OTP-based verification.
- In an interview with information company PTI, the Union Minister stated that the target of this overhaul is to make EPFOs accessible and expert.
- With fast settlement of claims, the subscriber will get instant quantity in its financial institution accounts.
- The centralized pension cost system already permits greater than 78 lakh pensioners to obtain cost in any financial institution throughout India.
- Extra enhancements are being made to broaden ease on this entry.
- Mansukh Mandavia additionally stated that the federal government is contemplating integrating a number of social safety schemes like Atal Pension Yojana and Pradhan Mantri Jeevan Bima Yojana to supply extra consolidated safety nets.
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- In the meantime, the Workers State Insurance coverage Company (ESIC) will broaden free healthcare for employees in India-panel hospitals and chosen charitable non-public hospitals.
- Since model 2.01, EPFO has halved its criticism circumstances.
- Now the group, which is to maintain a fund of Rs 27 lakh crore and provide 8.25 % curiosity, is continuous to enhance member companies and effectivity.
- In 2024-25, EPFO collected Rs 3.41 lakh crore from 1.25 crore digital bill.
- Union Minister Mansukh Mandavia confirmed the EPFO’s dedication to simplify the processes by this digital change and strengthen the labor welfare and compliance mechanism.
