New Delhi: The year 2026 could prove significant in easing the difficulties faced by provident fund (PF) employees. If someone in your family has a PF account, then don’t worry. The government is now going to simplify the process of withdrawing PF money. Before March, the government plans to introduce a system for withdrawing PF funds through ATMs and UPI, which will also have certain conditions.
The limit on how much PF can be withdrawn from ATMs will also be decided. If the government introduces the facility to withdraw funds from ATMs, it will be considered a historic step, with far-reaching benefits. However, no official date has been announced yet.
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EPFO’s Special Card will be Unique
The new EPFO system is expected to be quite efficient. Under this new system, there are plans to issue a special card to PF account holders. This special card will function just like a bank debit card. The government intends that PF money belongs to the employee and should be accessible to them without having to visit any office.
According to sources, EPFO has completed initial discussions with banks and the RBI. It is also being claimed that the necessary technical infrastructure for withdrawing money from ATMs has been prepared. This will make life easier for millions of employees.
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How much funding does EPFO have?
The new government rules will benefit all PF employees. According to a report, the number of PF employees is approximately 7.5 crore. In 2014, the organisation had a fund of Rs 7.5 lakh crore with 2.2 crore members. According to the new report, this fund has increased to more than Rs 28 lakh crore. Along with the increase in the size of the fund and the number of members, making claim settlements easier was a major challenge for EPFO.
What will be the limit?
While the facility to withdraw PF from ATMs will be available, a limit will also be set. However, no rules have been made regarding this limit yet. The amount that can be withdrawn at once or per month will be decided before the facility is launched. Now everyone is waiting for the EPFO to announce when this facility will be launched.