The Employees Provident Fund Organization (EPFO) has signed an agreement with 15 new banks to improve services for its members. Till now, EPFO services were available through only 17 banks, but with the addition of new banks, this number has increased to 32. That is, now the scope has become bigger.
Union Labor and Employment Minister, Dr. Mansukh Mandaviya said that this will directly benefit crores of people associated with EPFO.
8.78 crore people will get this benefit
At present, more than 8 crore people are members of EPFO and there are more than 78 lakh pensioners. In such a situation, a total of 8.78 crore people will get direct benefit from this decision. Now they will be able to avail their pension and PF services from any bank. Earlier pensioners had to open accounts only in a few selected banks, but now this compulsion has ended.
The Union Minister said that the country's social security is getting stronger under the leadership of Prime Minister Narendra Modi. He said that 10 years ago social security coverage was only 24%, but now it has increased to 48%
EPFO is going to make another big change, due to which by May or June 2025, employees will be able to withdraw PF immediately through UPI and ATM. This means that now there will be no need to go through a long process. Till now, to withdraw PF, one had to submit an online claim, which could take several days or weeks. However after the introduction of the new system, you will be able to see your PF balance directly on the UPI app and transfer it to your bank account immediately.
Facility to withdraw up to Rs 1 lakh from UPI
Labor Ministry Secretary Sumita Dawra said that EPFO is soon working on a plan to link PF withdrawal up to Rs 1 lakh with UPI. As soon as this facility starts, employees will be able to withdraw their PF amount without any delay.
This step of EPFO is a big change in the direction of Digital India, which will benefit crores of employees and make their lives easier.
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