New Delhi: In order to improve services for EPFO members, the Employee Provident Fund Organisation (EPFO) intends to update to a new version, EPFO 3.0. One of the most significant aspects of EPFO 3.0 is that subscribers will get the option to withdraw Provident Fund (PF) from ATMs, ET Now has reported.
To make withdrawals easier, the EPFO is coming up with a new initiative that will allow subscribers to withdraw their PF money directly from the ATMs, ET Now has said. An ATM card, akin to a debit card, would be issued by the labour ministry to enable members to take out PF money directly from ATMs. Nevertheless, the maximum amount that can be taken out will be 50% of the entire deposit. This feature might be implemented somewhere between May and June of 2025, it added.
At the moment, it takes seven to ten days for the withdrawal amount to be credited to the bank account that is linked to the EPF account. The updated feature will streamline the withdrawal process by enabling members to take out their PF amounts straight from ATMs.
Current 12% cap on contributions may be eliminated
The prevailing 12% contribution cap may be lifted by the government. This will allow employees to contribute as much amount as they want. On the other hand, the employer’s contribution will be fixed based on the employee’s salary, and therefore the employer will not be burdened.
