New EPFO Updates: Withdraw Your PF Through ATM by 2025

Starting in 2025, you might be able to withdraw your Provident Fund (PF) directly from ATMs. The Labour Ministry is upgrading its IT systems to offer better services for workers across the country.

Labour Secretary Sumita Dawra shared that EPFO members will soon have access to their PF accounts through ATMs. 

70 Million Active EPFO Users

"We are speeding up claims and simplifying the process to make life easier. Beneficiaries will be able to access their claims conveniently through ATMs with minimal human involvement," she said.

Over 70 million people are currently active contributors to the Employees' Provident Fund Organization.

Major System Upgrades by 2025

"Systems are changing, and you will see notable advancements every two to three months. By January 2025, I think there will be a significant improvement," she continued.

The Labour Secretary highlighted the government's focus on making EPFO services more convenient for citizens.

Dawra mentioned significant advancements in the area of gig workers' social security benefits, but she could not provide a timeline for implementation.

Benefits of System Upgrades

The suggested benefits could include disability aid, provident funds, and health coverage.

A specialized committee with representatives from many stakeholders has been established to provide a framework for social security and welfare benefits for gig and platform workers.

The first official definition of gig and platform workers was created by the Code on Social Security, 2020, which was ratified by Parliament and included measures for their social security and welfare.

Encouraging Trends in Employment

Regarding employment data, the Labour Secretary pointed out encouraging patterns in the number of unemployed people.

The unemployment rate was 6% in the year 2017. It has dropped to 3.2% today," she stated.

"Our workforce is expanding. The Labour Force Participation Rate is going up, and the Worker Participation Ratio, which shows the percentage of people employed, has reached 58% and is still increasing," she said.