EPFO It is going to be very easy for the employed people coming under EPF 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 ATM. While talking to news agency ANI, Labor Secretary Sumita Dawra said that the Ministry of Labor and Employment of the Government of India is busy in upgrading its IT system to simplify the process of withdrawing the money deposited in the EPF account.
EPFO’s IT infrastructure will become like 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. He 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 card will be like debit card
According to Labor Secretary Sumita Dawra, this PF withdrawal card will be like the debit cards 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 ATM. He told that there will be a limit for withdrawing money from PF account. EPFO members will be able to withdraw only a maximum of 50 percent of the amount deposited in their account at one time. He said that even now the process of PF settlement has become much easier than before and unnecessary processes have been eliminated.
Withdrawal of money from PF account will become very easy
He said that the rules of withdrawal will remain the same as before. If a person is unemployed for one month, then 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. With this step of the Ministry of Labor and Employment, it will not only become very easy for employed people to withdraw money from their PF account but it will also take very less time.
