New Delhi: Subscribers of the Employees’ Provident Fund Organisation (EPFO) may soon enjoy the convenience of withdrawing their provident fund (PF) money directly from ATMs after claim settlements. This transformative move aims to provide services on par with the banking system for over 7 crore EPFO members.
Currently, subscribers face a wait time of 7–10 days for their claims to be processed online, after which funds are transferred to their bank accounts. However, under the proposed system, EPFO members will be issued dedicated cards enabling them to withdraw funds seamlessly from ATMs.
Union Labour Secretary Sumita Dawra, in an interaction with PTI, highlighted the EPFO’s focus on modernising its IT infrastructure to facilitate this shift. “While improvements are evident in the past few months, January 2025 will witness significant advancements due to hardware upgrades,” Dawra said.
The modernisation drive also aims to streamline processes and enhance transparency. “We are aligning EPFO systems with India’s robust banking framework to simplify claim processes and improve ease of living for subscribers,” Dawra added. Once implemented, EPFO claimants will gain instant access to their funds via ATMs, eliminating delays. This facility will also extend to heirs of deceased subscribers under the Employees’ Deposit Linked Insurance (EDLI) scheme, which provides up to ₹7 lakh in benefits.
The initiative is part of EPFO’s systemic reform efforts, which include comparing its operational framework with the banking sector to provide a superior user experience. The new system is expected to roll out following the completion of hardware upgrades and the issuance of dedicated EPFO cards.
With more than 7 crore contributing members covered under EPF, pension, and insurance schemes, this development marks a significant step towards empowering EPFO subscribers with faster and more efficient access to their savings. Once fully implemented, this system promises to revolutionise fund access, enhancing convenience for millions of working professionals and their families.