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You can withdraw PF from an ATM starting 2025, announces labour ministry
Labour Ministry Secretary highlighted that the ministry is upgrading IT systems to offer “enhanced services” to the country's extensive workforce.
Starting next year, 2025, EPFO subscribers will be able to withdraw their Provident Fund (PF) through ATMs, Labour Ministry Secretary Sumita Dawra announced on Wednesday. She highlighted that the ministry is upgrading IT systems to offer “enhanced services” to the country's extensive workforce.
“We are settling claims quickly and are working to make the process easier to improve the ease of living. A claimant, beneficiary, or insured person will be able to access their claims conveniently through ATMs, with minimal human intervention,” the Labour Secretary told ANI.
She added, "Systems are evolving, and every two to three months, you will notice significant improvements. I believe there will be a major enhancement by January 2025."
Previously, according to a report by ET Now, the organisation indicated that this feature might be rolled out between May and June 2025.
The government focuses on improving EPFO services to make life easier for citizens. The Employees' Provident Fund Organisation currently has over 70 million active contributors.
What additional plans does the ministry have?
The government is considering removing the 12% cap on Provident Fund (PF) contributions, allowing employees to contribute as much as they want.
Efforts to extend social security benefits to gig workers are in advanced stages, with a scheme being finalised to include benefits like medical coverage, provident funds, and financial support for disabilities.
The central government may increase the salary limit for the Employees’ Provident Fund (EPF) scheme, marking the first revision since September 2024 when it was raised from ₹6,500 to ₹15,000.
However, discussions on the proposed changes and new policies are still at an early stage.
A committee with representatives from various stakeholders has been formed to propose a framework for providing social security and welfare benefits to gig and platform workers.
Gig and platform workers were officially defined in the Code on Social Security, 2020, which also includes provisions for their social security and welfare.
The labour secretary said that the unemployment rate has dropped from 6% in 2017 to 3.2% currently. She also highlighted that the Labour Force Participation Rate is increasing, with the Worker Participation Ratio reaching 58% and continuing to rise.
