EPFO subscribers will soon be able to withdraw from e-wallet, Employment Ministry gave important update

EPFO – Photo: PTI

EPFO and Employees’ State Insurance Corporation (ESIC) subscribers may soon be able to access claim settlement amounts through e-wallet.

New Delhi : Subscribers of the Employees’ Provident Fund Organisation (EPFO) and Employees’ State Insurance Corporation (ESIC) will soon be able to access claim settlement amounts through e-wallets. The Ministry of Labour and Employment is in talks with the RBI to work out a plan on this.

Reacting to a question on instant withdrawal of Employees’ Provident Fund (EPF), Secretary in the Ministry of Labour and Employment Sumita Dawra on Wednesday December 18,2024 said, “This is an area of ​​great interest for the insured person and a contributor as to how he can withdraw his money more easily.”

In automatic settlement cases, the EPF money goes to the bank account and the contributor is able to withdraw this amount from the bank account through any ATM. Now you are talking about how the claim settlement amount can go directly to the e-wallet, so we have to make some arrangement for this. We have started talks with bankers to start this facility in a practical way. Right now in automatic settlement cases, the EPF money goes to the bank account and the subscriber can withdraw it from any ATM, Sumita Dawra said. 17.49 lakh chose higher pension option

17.49 lakh members of retirement fund body Employees’ Provident Fund Organisation (EPFO) have applied for the option to contribute on their actual basic salary for higher pension following the apex court’s order in November 2022. Minister of State for Labour and Employment Shobha Karandlaje said that at present these applicants are either contributing or have already contributed at the fixed limit of Rs 15,000 per month, even though their actual basic salary is higher.

From next year, you will be able to withdraw your PF money directly from ATM

From next year, EPFO ​​customers will be able to withdraw their provident fund directly from ATM. Labour Secretary Sumita Dawra said, we are settling claims faster and working to make life easier and simplify the process. A claimant, beneficiary or insured person will be able to easily access their claims through ATM with minimal human intervention.