EPFO: Your PF money will also be transferred to e-wallet, talks to RBI; How long will this facility take?

EPFO ATM Withdrawal Plan: Labor Ministry Secretary Sumita Daura said that the government is talking to the RBI to discuss this. Its purpose is to provide people with their retirement fund easily.

EPFO News: EPFO is working fast on the convenience of the member. Recently, it was reported that EPFO members will not be able to withdraw their claim money from ATMs. But now the news is coming that EPFO and Employees State Insurance Corporation (ESIC) members will soon be able to settle their claims through e-wallet. Sumita Daura, Secretary, Ministry of Labour and Employment, said that the government has approached the Reserve Bank of India (RBI) to discuss the plan. Its purpose is to make access to retirement funds easier.

Talks are going on with RBI

Labour Ministry Secretary Sumita Daura said the government is in talks with the RBI to discuss the issue. Its purpose is to provide people with their retirement fund easily. When asked whether PF amount can be withdrawn from ATM. On this, he said that it is very important for the insured person that how can I withdraw my money easily. Dawra said that the claims that are auto-settled are directly deposited in the bank account. People can withdraw this money from ATMs.

They started direct talks with the banks, they are talking about how the claim can go directly to the wallet. For this, we have started talks with banks. For this, we will make a plan on how it can be done practically. Earlier, several media reports claimed that the Labor Ministry is working on a debit card-like facility to facilitate EPFO members to withdraw PF from ATMs.

In an interview earlier

this month, he said the labour ministry was upgrading its technology to provide better services to Indian employees. "We have already seen some improvements. Claims are being settled fast and many unnecessary processes have been removed. He had said that our aim is that the IT system of EPFO should be as good as banks.

He said that after improving the IT system from January 2025, claim settlement will be done even faster. We will make it so easy that the beneficiary who claims will be able to withdraw his claim money directly from the ATM. There will be very little human intervention in this. He, however, did not specify a timeline for its implementation.