A big relief news has come out for the employees. Soon, Employees Provident Fund (PF) money can be withdrawn directly through ATM. Work on this new facility is going on at a fast pace, which is expected to benefit crores of PF account holders. We are going to get rid of the paper complications that have been going on for many years.
To withdraw PF money, there will be neither need to visit government offices nor get entangled in paperwork. The central government is going to implement such a system under which PF money can be withdrawn directly from ATM. This process will be as easy as withdrawing money from the bank.
technical process completed
According to sources, Prime Minister Narendra Modi will launch this scheme soon. Whatever technical process is required regarding this has been completed. Regarding this, the process of dry and final run in the ATM machine has been completed. According to the officials involved in the technical process, the entire system has been made fool proof. That means PF account will be like your normal account. Under EPFO 3.0, the process of linking accounts with banking gateway is going on, through which you will be able to withdraw money directly through ATM or UPI at any time.
Special cards will be issued
According to sources, special types of cards can be issued for this, which will be directly linked to the PF account. This will increase transparency and also reduce the problem of delay in the withdrawal process. This process was being awaited for a long time. Now it is hoped that it can be implemented as soon as possible.
This is the way to withdraw money now
At present, the easiest way to withdraw PF is online application. For this, the account holder has to login to the member portal of EPFO through his Universal Account Number (UAN). After this, one has to go to the online services section and select the claim option. Here employees can select the form as per their need – like Form 19 for complete PF withdrawal, Form 31 for partial withdrawal and Form 10C for pension fund.
