EPF subscribers to withdraw funds from ATMs starting next year
New Delhi: The Labour Ministry is upgrading its IT systems to enable Employees' Provident Fund Organisation (EPFO) subscribers to withdraw funds directly from ATMs, Labour Secretary Sumita Dawra said on Wednesday, according to media reports.
"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," Dawra stated.
She added, "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," during her remarks to ANI.
This initiative aligns with the government’s efforts to enhance EPFO services and simplify processes for the workforce. The EPFO currently has over 70 million active contributors.
On the topic of extending social security benefits to gig workers, Dawra shared that the plan is in an advanced stage, although she did not specify a timeline.
She also stated that the ministry has outlined a scheme to extend social security benefits to gig and platform workers and it is now in the finalisation process.
The proposed benefits may include medical health coverage, provident funds, and financial support for disability cases.
To develop a comprehensive framework, a committee comprising various stakeholders has been established to address social security and welfare provisions for gig and platform workers.
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