In December 2024, the Narendra Modi government sprung a pleasant surprise to crores of EPFO (Employees Provident Fund Organisation) when it announced that in the New Year EPFO members can withdraw cash from the EPF account through ATMs of banks. Labour secretary Sumita Dawra had said that EPFO will be able to withdraw MONEY through ATMs in 2025. The obvious question was from when this feature will be rolled out.
According to Union labour minister Mansukh Mandaviya, this feature will be a part of the EPFO 3.0 and under this programme ATM cards will be issued to EPFO members. With this dedicated and special purpose card, employees and EPFO members will find it easy to access the fund accumulated in their EPF account. Needless to say, it will be extremely beneficial to all those employees who might land up in a financial emergency.
Rollout of EPFO 3.0 and issue of ATM cards
Mandaviya told the media on January 3 that EPFO will issue ATM cards to its members after the rollout of EPFO 3.0. The minister also said that initial phase of website upgradation and system enhancements will be concretised by the end of January. The process will be through by June. The cards will be issued after the upgraded systems and software improvements are put in place.
According to reports, EPFO members can withdraw up to 50% of the total balance in the beneficiary’s account. Once these cards are issued, they won’t have to go through the tedious process of applying for withdrawals, get it approved and wait to get the money transferred to their bank accounts.
As assured by the government earlier Employees’ Provident Fund (EPF) 3.0 will improve the experience of employees vastly. The new improvements will make it difficult for anyone carrying the earlier image of a fuddy duddy EPFO in their head to identify the new system.
The launch of ATM cards by EPFO was easily one of the most welcome news for the large number of EPF (Employees’ Provident Fund) contributors in India when it was announced by the Centre last year that they would be able to withdraw cash from the EPF account through ATMs. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
