The facility of withdrawing PF money from ATM can be postponed for next year.
The beginning of EPFO 3.0 is now seen postponing till the beginning of next year. According to the media report report, a major initiative to withdraw PF amount through ATMs under the upcoming EPFO 3.0 scheme is likely to be implemented from January 2026. In March this year, Union Labor and Employment Minister Mansukh Mandavia had said that the upcoming EPFO 3.0 will make the EPFO system accessible like a bank and will provide the facility of withdrawing PF amount through ATMs. The report states that the EPFO’s highest decision -making organization, Central Restuction Board (CBT), can propose the proposal of withdrawal from ATM in their next board meeting. This meeting is expected to be in the first fortnight of next month.
All preparations completed
A report from Moneycontrol mentions that IT infrastructure is ready to facilitate PF from ATM. It is expected that its methods and other operational details will be discussed in the CBT meeting next month.
The retirement fund body has started several reforms to benefit about 7.8 crore customers in the last one year. The purpose of these reforms is to make the claim settlement process easier and reduce complaints related to claim rejection.
Giving great relief to the members, the EPFO has completely terminated the need to upload a photo of the check leaf or verified bank passbook while filing the online claim.
To streamline the process of connecting bank accounts with UAN, EPFO has now removed the requirement of employer’s approval after bank verification.
Which will be new changes?
- Fast PF withdrawal: The retirement fund body will ensure that the claim settlement is automatic and there will be no need for manual process under EPFO 3.0.
- ATM withdrawal: Members will be allowed to remove some part of their PF funds directly from the ATM.
- Easy online improvement: Members will not need to fill the form or go to the EPFO office to update or correct the account details as they can do it from home anytime.
- Social Security Integration: EPFO can add schemes like Atal Pension Yojana and Pradhan Mantri Jeevan Bima Yojana, which will give better coverage to unorganized sector workers.
- OTP-based verification: Instead of long paperwork, make safe changes using OTP.
PF management will be easy
Under the EPFO 3.0, members can expect major changes that will make PF management easier and sharp for them. ATM withdrawal facility will be the most awaited facility under the implementation of EPFO 3.0. In addition, other improvements such as instable claim settlement, online improvement and OTP-based service will make this system favorable for more users.