EPFO NEW FACILITY: If you are a salaried employee and your provident fund (PF) is deducted, then there is good news for you. Until now, withdrawing PF money has been a long and cumbersome process, involving filling out online forms or visiting offices. But this process is about to become even easier. The Employees’ Provident Fund Organisation (EPFO) is going to introduce a special facility that will allow you to withdraw money from your PF account as easily as you withdraw cash from a bank ATM. According to media reports, this facility could be launched for millions of subscribers across the country in 2026. However, no official announcement has been made by the EPFO yet.
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EPFO’s New ‘Special Card’
Under this scheme, the EPFO will provide its members with a ‘special card’ that will function like a bank debit card. The government believes that PF money belongs to the members and should be easily accessible when needed. The EPFO has already started technical preparations for this card with banks and the Reserve Bank of India (RBI).
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Employees’ Lives Will Become Easier
This change will directly benefit more than 7 crore organised sector employees in the country. According to EPFO data, the institution’s reach has increased significantly in the last decade. In 2014, the EPFO had 3.3 crore subscribers and a fund of Rs 7.4 lakh crore, which has now grown to more than Rs 28 lakh crore. Approximately 7.8 crore people contribute to PF every month. The introduction of the ATM facility will provide members with instant access to their money and will also simplify the EPFO’s operations.
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Withdrawal Limit Not Yet Decided
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While the facility to withdraw PF from ATMs will be available, the withdrawal limit is not yet clear. It remains to be decided how much money can be withdrawn at once or in a month.
EPFO Moving Towards Simpler Rules
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The EPFO is continuously working towards simplifying its rules. Earlier this year, the limit for automatic claim settlement was increased to ₹5 lakh. This has made it easier to withdraw money from provident fund accounts for medical expenses, weddings, or other emergencies.