New Delhi, Dec 13 — Employees’ Provident Fund (EPFO) subscribers may soon be able to withdraw money from their accounts through ATMs, according to a senior government official.
Union Labour Secretary Sumita Dawra revealed that the Ministry of Labour is upgrading its information technology infrastructure to offer improved services to India’s workforce. This upgrade will allow claimants, beneficiaries, or insured individuals to access their EPF claims via ATMs.
As per reports, withdrawals will be capped at 50 percent of the Employees’ Provident Fund (EPF) balance. Additionally, the Employees’ Deposit Linked Insurance (EDLI) scheme, which offers a maximum of Rs 7 lakh to the heirs of deceased EPFO subscribers, will also enable them to use ATMs to withdraw settled claims.
The initiative aims to make accessing retirement funds more convenient for millions of EPFO subscribers across India.
