December 13th 2024.
According to a top official, EPFO members in New Delhi may soon have the convenience of withdrawing their claim amounts through ATMs. This comes as Union Labour Secretary Sumita Dawra announced that the labour ministry is making efforts to upgrade their information technology systems in order to provide better services to the Indian workforce.
In addition to this, Dawra stated that individuals who have made claims, beneficiaries, and insured individuals will now have the option to access their claim amounts through ATMs. However, it should be noted that the withdrawal will be limited to 50% of the Employees' Provident Fund. This means that a maximum of Rs 7 lakh can be withdrawn under the Employees' Deposit Linked Insurance scheme, which is managed by EPFO, for the heirs of deceased subscribers.
With this new development, even the heirs of deceased EPFO subscribers will be able to use ATMs to withdraw the claim amounts that have been settled. However, despite reaching out to the labour ministry for further clarification, no response has been received as of yet. This news, reported by PTI, has been met with excitement by EPFO members who are eagerly awaiting the implementation of this new system.
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