EPFO ATM Rule: EPFO ​​will soon be operational for PF employees to withdraw cash from ATMs. All employees are eagerly awaiting this. It is believed that EPFO ​​may launch the ATM cash withdrawal facility in January or the first week of February. PF employees will be able to withdraw their funds directly from the ATM.

This move by EPFO ​​is being considered a significant convenience for employees. Currently, one has to apply for PF funds. Claims are then approved within 8 to 12 days. Claims are sometimes even cancelled. This will no longer be the case. Provident Fund funds can be easily withdrawn as needed. This decision may be taken in the upcoming meeting of the EPFO’s Central Board of Trustees.

How many employees will benefit?

If EPFO ​​starts the process of withdrawing provident fund funds from ATMs, it will benefit more than 7 crore employees. Most of these employees work in private companies. A report states that the EPFO ​​currently has a fund collection of over ₹28 lakh crore.

Approximately 7.8 crore employees contribute monthly to the fund. In 2014, the EPFO ​​had a fund of only ₹7.4 lakh crore and 3.3 crore subscribers. This figure increased manifold last year. Both employees and employers contribute to the PF account maintained with the EPFO. The PF employee and fund figures are increasing annually.

EPFO to issue special card

Sources in the Ministry of Labour and Employment believe this step is considered necessary. The government aims to ensure that EPFO ​​members do not face any difficulties in withdrawing their funds. Discussions have already been held with the RBI for this purpose. The plan is that the EPFO ​​will issue a special card to its members.

This card will enable direct ATM withdrawals. The Central Government has also increased the automatic claim settlement limit for PF employees, giving them a gift.

Now, members can easily withdraw claims up to ₹5 lakh without any hassle. Experts believe that the addition of ATM withdrawal facilities will make EPF accounts even more useful. PF employees will be able to withdraw funds immediately in case of an emergency.