Withdraw PF Directly from ATMs Starting 2025: Key Update from Labour Secretary

Withdraw PF Directly from ATMs Starting 2025: The Labour Ministry has initiated a design upgrade to its IT systems to render improved services towards the largescale worker population in the country.

From next year, EPFO subscribers would be able to withdraw their provident funds as per Labour Secretary Sumita Dawra directly from ATMs.

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"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 said.

"Systems are evolving, and every two to three months, you will notice significant improvements. I believe there will be a major enhancement by January 2025," she told ANI.

As per the Employees' Provident Fund Organization, there are over 70 million active contributors.

The Labour Secretary also added that the government was trying to improve the facility of EPFO to enhance ease of living.

Regarding the extension of social security benefits to gig workers, Dawra said that the work was at an advanced stage, but did not give any timeline.

"A lot of work has been done, and we have outlined a scheme that is now in the finalisation process," she said. Such benefits would include medical health coverage, provident funds, and financial aid in the instance of disability.

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A committee comprising the representation from various stakeholders was formed for suggesting a framework for providing social security and welfare to gig and platform workers.

Gig and platform workers were, for the first time, defined under the Code on Social Security, 2020, enacted by Parliament. The same Code contains provisions relating to their social security and welfare.

The Labour Secretary also addressed the unemployment problem saying that the unemployment rate has reduced.

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

"Furthermore, our workforce is growing. The Labour Force Participation Rate is increasing, and the Worker Participation Ratio, which indicates how many people are actually employed, has reached 58 per cent and continues to rise," she added.

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