PF Can Withdraw Directly From ATMs Starting 2025: Labour Secretary

New Delhi: Starting next year, 2025, EPFO subscribers will be able to withdraw their Provident Fund (PF) through ATMs, Union Labour Secretary Sumita Dawra said on Wednesday. She underlined that the Labour Ministry is upgrading its IT services to provide enhanced services to the country’s large-scale workforce.

“We are settling claims quickly and are working to make the process easier to improve the ease of living. A claimant, beneficiary, or insured person will be able to access their claims conveniently through ATMs, with minimal human intervention,” the Labour Secretary told ANI.

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She added that systems are evolving, and in every two to three months there will be significant improvements. “I believe there will be a major enhancement by January 2025,” she said.

The EPFO or Employees’ Provident Fund Organisation has more than 70 million active contributors. Through improved EPFO services, the government intend to increase the ease of living, Dawra emphasised.

“A lot of work has been done, and we have outlined a scheme that is now in the finalisation process,” Dawra said. The benefits could comprise medical health coverage, provident funds, and financial support in cases of disability.

In addition, to provide social security and welfare benefits to gig and platform workers a committee with various stakeholders has been formulated to propose a framework.

In the Code on Social Security 2020 enacted by the Parliament, gig and platform workers were officially defined which also includes provisions for their social security and welfare.

Aside from this, the Labour Secretary talked about the unemployment issue, underlining that the unemployment rate has declined.

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“In 2017, the unemployment rate was six per cent. Today, it has decreased to 3.2 per cent,” she said.

Further, she added that Labour Force Participation Rate is increasing, with the Worker Participation Ratio, which meant how many people are actually employed has reached 58% and continuing to rise.