EPF ATM Withdrawal: EPF Withdrawals via ATM and UPI Likely to Start from April
EPF ATM Withdrawal: Great news awaits salaried employees across India as the Labour Ministry is reportedly gearing up to revolutionize how Provident Fund (PF) withdrawals are handled. Moving away from the traditional paperwork and waiting periods, the government is set to introduce a system that allows subscribers to access their funds directly via ATMs. According to sources within the ministry, this facility is expected to go live by April.
Major Shift to Digital Accessibility
The primary objective of this initiative is to eliminate the hassles associated with the current claim settlement process. Currently, withdrawing PF involves filing forms online or offline and waiting for days for the amount to be credited. The new system promises instant access:
- ATM Withdrawals: Just like withdrawing cash from a savings account, subscribers may soon use their bank cards to withdraw PF amounts.
- UPI Integration: In a significant move towards digitalization, the government is also working on enabling PF withdrawals through the Unified Payments Interface (UPI).
Current Status: Trials in Progress
While an official notification confirming the launch date is yet to be released, sources indicate that the groundwork is in its final stages. To ensure the safety and reliability of the transaction process, the government is currently conducting rigorous trials with various banks. Once the system is deemed robust and secure, the nationwide rollout is planned for April.
Modernizing Social Security
This step aligns with the vision previously shared by Union Labour Minister Mansukh Mandaviya, who emphasized transforming EPFO offices into modern, tech-enabled hubs similar to Passport Seva Kendras. The aim is to make social security services seamless and hassle-free for citizens.
Under the EPF scheme, both the employee and the employer contribute 12% of the basic salary and dearness allowance. By introducing ATM and UPI facilities, the government is ensuring that this crucial financial safety net is easily accessible to subscribers when they need it most.
