How to withdraw PF money from e-wallet? Know everything here

PF Money Withdrew – Employees in India will soon be able to receive their Provident Fund (PF) claim amount directly through e-wallet, as the Employees’ Provident Fund Organisation (EPFO) plans to launch this facility. Along with this, EPFO members will also get the option to withdraw PF claim using ATM.

This move will make withdrawal of money faster and easier for employees. Currently, employees have to rely on the EPFO portal to receive their PF funds online. The settled funds are transferred to the linked bank account within 7-10 days, after which the funds are withdrawn through ATM or bank.

E-wallet facility for PF claims

Recently, Sumita Dawra, Secretary, Ministry of Labour and Employment, announced that EPFO and ESIC members will soon be able to use e-wallet to receive funds for their PF claims. The move is aimed at making withdrawals faster and easier for employees, allowing them to access their funds directly from the e-wallet.

According to the information, EPFO is also planning to enable direct withdrawal from ATM for PF details. From next year, the application will not only be sent to the bank account. Discussions have started with the banks to implement these services and develop the necessary strategic plans.

Benefits of upcoming changes

After these changes, PF account holders will get easy access to their funds. Also, e-wallet will provide real-time access to PF claims. Direct withdrawal from ATM will reduce dependence on banks. Also, employees will have many options to access their PF documents.

What will be the limit for withdrawal?

After the introduction of e-wallet facility, the PF claim money of any Employee Provident Fund Organization and Employees State Insurance Corporation beneficiaries will reach their e-wallet directly. At present, how will this facility work? Whether a separate option will be given for this or PF accounts will be linked to the bank’s e-wallet, information about this is not yet known. Apart from this, it is also not clear how much limit can be withdrawn from the PF account through e-wallet.