EPFO is set to revolutionise the PF withdrawal process with e-wallet access and ATM withdrawals. Know about this employee-friendly initiative’s latest updates, benefits, and expected rollout.
Employees in India may soon be able to access their provident fund (PF) claim amounts directly through e-wallets. The Employees’ Provident Fund Organization (EPFO) is planning to introduce this facility, along with the option to withdraw PF claims using ATMs. Currently, employees have to rely on the EPFO portal to receive their PF funds online. The settled funds are transferred to the linked bank account within 7–10 days, after which the funds can be withdrawn via ATM or bank.
E-wallet facility for PF claims
In other important developments, Ministry of Labor and Employment Secretary Sumita Dawra announced on December 18 that EPFO and ESIC members will soon be able to use e-wallets to receive their PF claim funds.
The move aims to make withdrawals faster and easier for employees, allowing them to access their funds directly from the e-wallet.
Withdraw PF through ATM
The EPFO is also planning to enable direct withdrawal from ATMs for PF details. From next year, applications will not only be sent to bank accounts but can also be accessed through ATMs. Efforts are being made, and discussions with banks have already begun to develop the necessary strategic plans to implement these services.
Benefits of upcoming changes
Instant access to funds: The e-wallet will provide real-time access to PF claims.
Improved convenience: Direct withdrawals from ATMs reduce reliance on banks.
Increased flexibility: Employees will have multiple options to access their PF documents.
When will the facilities roll out?
While a specific timeline has not been announced, these changes are expected to be introduced next year. The EPFO is collaborating with bankers to finalize the plans and ensure smooth implementation.
Stay tuned for updates as this development progresses to simplify the PF withdrawal process for millions of employees across India.
