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It is going to be very easy for the employed people coming under EPFO to withdraw money from their EPF account. EPFO is working on a system through which employees will be able to withdraw the money deposited in their EPF account directly from the ATM. Labor Secretary Sumita Dawra, while talking to news agency ANI, said that the Ministry of Labor and Employment of the Government of India is engaged in upgrading its IT system to simplify the process of withdrawing money deposited in the EPF account.
EPFO’s IT infrastructure will become like the banking system
Sumita Dawra said that IT 2.1 upgrade is expected to be implemented in January next year, after which the IT infrastructure of EPFO will become like the banking system of the country. Due to which EPFO members and pensioners will get access to the money deposited in their EPF account with minimum human intervention. She said that this entire system also includes a special PF withdrawal card, which will be used only to withdraw the money deposited in the EPF account.
PF withdrawal cards will be like debit cards
According to Labor Secretary Sumita Dawra, this PF withdrawal card will be similar to the debit card issued by banks. With the help of PF withdrawal card, EPFO members will be able to withdraw the money deposited in their PF account by going to the ATM. She told that there will be a limit on withdrawing money from the PF account. EPFO members will be able to withdraw only 50 percent of the amount deposited in their account at one time. She said that even now the process of PF settlement has become much easier than before and unnecessary processes have been eliminated.
Withdrawing money from PF account will become very easy
He said that the rules for withdrawal will remain the same as before. If a person is unemployed for one month, he can withdraw 75 percent of the amount deposited in his PF account and after two months he can withdraw all the money deposited in his account. This step of the Ministry of Labor and Employment will not only make it very easy for employed people to withdraw money from their PF account but it will also take much less time.
