Pf withdrawal from atm: Employees Provident Fund Organization (EPFO) is a great news for subscribers. The central government may soon provide the facility to withdraw PF money from ATM before Diwali, which was being talked about for a long time. A meeting is going to be held on October 10-11 under the chairmanship of Labor and Employment Minister Mansukh Mandavia. However, the final agenda is not yet decided. Quoting sources, ET said in its report, “The government is planning to introduce some special facilities about 8 crore EPFO subscribers before Diwali to improve the way to spend.”
Discussion on this demand of trade unions also
EPFO can think of EPFO 3.0 in its meeting next month, whose aim is to start facilities like bank. This includes a part of the provident fund extract option through ATM or UPI transactions. The proposal of the organization’s Central Board of Trustee Board meeting the continuous demand of trade unions is also expected to be reviewed to increase the proposal to increase the minimum pension between Rs 1,500 to Rs 2,500.
Benefits of EPFO 3.0
EPFO 3.0 has many benefits, not one. The purpose of launching it is to make the PF service completely digital so that it becomes easier for subscribers to withdraw money or claim. It was earlier to be launched in June this year, but it was delayed due to technical testing.
Under the EPFO 3.0, you will not be able to withdraw PM’s money only from ATM, but it will also be able to withdraw PF withdrawn through apps like Google Pay, PhonePe or Paytm. That is, now PF will not have to go round the office for claiming PF or for small changes in the account, but you will be able to do this work very comfortably by sitting at home. With this help, you will also be able to track PF account balance, contribution.
Under this new system, EPFO subscribers will be issued a card like ATM. This card will be linked to PF account, through which you will be able to withdraw your money from PF from ATM comfortably. To withdraw money from UPI, F account will have to be linked to UPI.
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