Provident Fund withdrawal from ATMs soon? Come 2025, you may be able to withdraw your provident fund directly from ATMs. The Labour Ministry is modernising its information technology infrastructure to deliver better services to the country’s substantial workforce.
EPFO members will have the capability to access their provident funds through ATM machines beginning next year, Labour Secretary Sumita Dawra told ANI.
“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 said.
The Employees’ Provident Fund Organisation currently serves more than 70 million active contributors.
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“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,” she added.
The Labour Secretary highlighted the government’s initiatives to strengthen EPFO services for improving citizens’ convenience.
Regarding social security benefits for gig workers, Dawra indicated substantial progress but did not specify implementation dates.
“A lot of work has been done, and we have outlined a scheme that is now in the finalisation process,” she said. The proposed benefits might include health coverage, provident funds and disability assistance.
A dedicated committee with various stakeholder representatives has been formed to develop a framework for gig and platform workers’ social security and welfare benefits.
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The Code on Social Security, 2020, passed by Parliament, introduced the first formal definition of gig and platform workers, incorporating provisions for their welfare and social security.
Addressing employment statistics, the Labour Secretary noted positive trends in unemployment figures.
“In 2017, the unemployment rate was six per cent. Today, it has decreased to 3.2 per cent,” she said.
“Furthermore, our workforce is growing. The Labour Force Participation Rate is increasing, and the Worker Participation Ratio, which indicates how many people are actually employed, has reached 58 per cent and continues to rise,” she added.
