The Center has good news for EPFO subscribers. Union Minister for Labor and Employment Mansukh Mandaviya stated that preparations are underway to launch a new Employees’ Provident Fund Organization (EPFO) mobile application and debit card facility by May or June this year.
With this initiative, pensioners can withdraw their pensions from any part of the country and any bank. EPS pensioners and those looking to withdraw their PF express their happiness over this development.
EPFO 3.0 Announcement: The government has announced the expansion of the Central Pension Payment System (CPPS). The existing EPFO 2.0 IT system is being upgraded to EPFO 3.0.
Union Minister Mandaviya mentioned that the EPFO will issue ATM cards to subscribers as part of the EPFO 3.0 system. He highlighted that this new app will offer banking facilities, making withdrawals significantly easier.
The Reserve Bank of India (RBI) and the Finance Ministry are discussing this initiative. If successful, subscribers can soon withdraw EPFO funds from ATMs using debit cards.
However, details on how to apply for the ATM card are currently unclear. It is unknown whether individuals will need to apply for it or if the government will automatically send the ATM card to the addresses of those with PF accounts. This facility is expected to be available by 2025, allowing users to withdraw specified amounts from their PF accounts via ATM.
Withdrawal Details: Labor Secretary Sumit Dawra recently announced that in 2025, EPFO customers can withdraw their PF money using an ATM card. Customers can withdraw up to 50 percent of the funds from their accounts.
The ATM card will function similarly to a standard ATM card. Users will be able to withdraw money in the same manner as they do with bank-issued ATM cards.
EPF Claim Settlement: EPFO subscribers must wait 7 to 10 days for online claim settlements. Once a claim is settled, the money is directly transferred to the account holder’s bank account. However, with the ATM facility’s introduction, users can withdraw money from their PF accounts immediately.