If you are also employed and your PF gets deducted, then this news is going to give you great relief. Till now, to withdraw PF money, you had to go through long online processes or visit offices, but soon all this is going to be history. EPFO is preparing to bring such a revolutionary facility, after which you will be able to withdraw money from your PF account just like you withdraw cash from a bank’s ATM. According to media reports, this facility can be started for crores of subscribers of the country in the year 2026. However, no official statement has come yet.
EPFO’s ‘special card’ will work like a debit card
Under this new system, EPFO is planning to issue a ‘special card’ to its members. This card will work exactly like your bank debit card. According to information received from reports, the government believes that PF money is the account holder’s own and access to it should be easy in times of trouble.
In this direction, EPFO has completed initial negotiations with banks and Reserve Bank of India (RBI). It is being claimed that the technical infrastructure required to withdraw money from ATM has almost been prepared.
Life of crores of employed people will become easier
This decision will have a direct impact on more than 7 crore employees working in the organized sector of the country. If we look at the EPFO figures, there has been a tremendous increase in its scope in the last decade. While in the year 2014, the institute had 3.3 crore subscribers and funds of Rs 7.4 lakh crore, now it has increased to more than Rs 28 lakh crore.
Every month about 7.8 crore people contribute to PF. With the increase in the size of the fund and the number of members, making the settlement of claims easier was a big challenge for EPFO. With the introduction of ATM facility, not only will the employees get immediate money, but the workload on EPFO will also reduce.
Suspense still on the limit, but preparations complete
However, the facility to withdraw PF through ATM will be available, but there will be a fixed limit. At present it is not clear how much money you will be able to withdraw at one go or in a month. The decision on withdrawal limit is yet to be taken.
It is noteworthy that EPFO is continuously simplifying its rules. Earlier this year, the institute had increased the limit for automatic claim settlement to Rs 5 lakh, which has made it easier to withdraw money for expenses like illness or marriage.