You will be able to withdraw PF money directly from ATM from next year: There is big news for EPFO subscribers. From the beginning of next year, PF account holders will be able to withdraw their PF amount directly from the ATM. Labor Secretary Sumita Dawra made this big announcement on Wednesday. The Ministry of Labor is upgrading its IT systems to provide better service to a large workforce of the country. Now a beneficiary making a claim can get his claim amount directly from the ATM. This will minimize human intervention and make the process easier. Employees can submit claims for partial withdrawal from the EPFO website (https://www.epfindia.gov.in) or Umang app.
Can withdraw PF money
The Labor Secretary said, 'We are quickly settling the claims filed by the members and simplifying the process to improve the ease of living. The money for which the claim has been filed by the employees will be withdrawn from the ATM. Employees have to apply for partial withdrawal. Employees can withdraw PF money only under certain circumstances.
Big change will be seen in the new year
The Labor Secretary said, 'Systems are constantly being upgraded. Every 2 to 3 months you will see significant improvements. I am confident that a big change will be seen from January 2025. When we will have IT 2.1 version in EPFO. Our goal is to bring the IT infrastructure of EPFO to the same level as our banking system. The Labor Secretary also praised the government's efforts towards improving EPFO services to enhance ease of living.
Gig workers will get these benefits
Regarding the plans to provide social security benefits to gig workers, the Labor Secretary said that the progress is in the advanced stage, but he refrained from giving any timeline. He said, 'A lot of work has been done and we have outlined a plan, which will now be finalized. These benefits may include medical health coverage, PF and financial assistance in case of disability.'
Committee has been formed
A committee comprising representatives of 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 first defined in the Social Security Code of 2020, which was enacted by Parliament. The code includes provisions relating to their social security and welfare.
Unemployment reduced significantly: Sumita
On the issue of unemployment, the Labor Secretary said that the unemployment rate has declined. He said, "The unemployment rate was 6 percent in 2017. Today, it has come down to 3.2 percent. Apart from this, our workforce is increasing. The labor force participation rate is increasing and the worker participation ratio, which shows how many people are actually employed, has reached 58 percent and is increasing." Let us tell you that there are 7 crore active contributors in EPFO i.e. Employees Provident Fund Organization.