The Employees' Provident Fund Organization (EPFO) is rolling out a new service that will allow users to directly access their Provident Fund (PF) balance through ATMs. This initiative, part of the EPFO 3.0 upgrade, aims to simplify and expedite the process for beneficiaries.
EPFO members will be provided with special cards, which can be used to withdraw their PF funds directly from ATMs after their claims are settled. This means beneficiaries will no longer need to go to different locations or wait for the money to be transferred to their bank accounts following a claim. The new feature aims to make the entire process quicker and more convenient.
Currently, EPFO members have to wait for 7-10 days for their funds to be credited after the claim is processed. However, with the introduction of this new system, users can instantly access their funds via an ATM as soon as their settlement is complete.
Sumita Dawra, Secretary of the Union Labor Ministry, mentioned that EPFO is focusing on upgrading its information technology infrastructure. The goal is to improve the efficiency of the system with enhanced hardware and better overall functionality. These changes are expected to be rolled out by January 2025.
These upgrades will significantly enhance the user experience by making PF withdrawals faster and easier. Members will no longer have to undergo cumbersome procedures to access their funds. Instead, they can simply use the EPFO card at ATMs once their PF claims are settled.
The government encourages users to get ready for these upcoming changes, which will greatly improve the efficiency of PF withdrawals. While some of the upgrades have already been implemented, further improvements will be made in the coming months to ensure a more seamless process for users. This initiative promises to streamline the PF withdrawal experience, reducing delays and increasing convenience for members.
