The countdown has just begun, with just a few days in hand for 2025 to be ushered in. New rules are coming with the New Year. The good news for Employees Provident Fund Organization members (EPFO) is that the Ministry of Employment is continuously working towards providing better services to all workers (EPFO Update News). They should also be preparing some changes this New Year to bring a new facility to PF account holders.
At the beginning of the new year, many of the rules will fly by. Such a view can prove really beneficial for the PF account holders regarding good news this year. Most likely, many of the services related to PF would get better. My earlier belief about withdrawing PF money through ATM has recently changed. Now there is a new update regarding this. Under which now PF account holders would be able to withdraw PF amount through e-wallet EPFO (E-wallet EPFO) linked to ATM or bank accounts.
Employees will get better facilities now:
Actually, the Employees’ Provident Fund Organisation has been continuously working to upgrade their office for better facilities to be given to members. Facilities such as withdrawing PF money, for example, through ATM, might be made available for members after this date. The information regarding this is said to be offering facilities linking EPFO account with an ATM card by January 2025.
The government has taken serious measures to ensure that withdrawal is made even easier (ATM linked PF accounts), and some further facilities might be brought into action by the government. The government is still negotiating with the RBI on how to introduce this new facility for PF account holders.
Discussions are ongoing with banks-
The money goes directly to the customer’s bank account in the case of auto settlement of claims only in the current system and can be withdrawn later. In this regard, the officials say, “The Ministry of Labor has also proposed e-wallet (e-wallet launched by Ministry of Labor) and it is under consideration. Although no decision has been made by the government, there are discussions with RBI and banks to start these services (Upgrade EPFO Services).”
New Membership Addition in October-
According to sources, this system is being developed continuously, and from next month onward, it will show a significant improvement (EPFO Services Upgrades Latest News). According to the news update, the facility of withdrawing PF money from ATM (PF Withdrawal system 2025) will start from January 2025 itself.
However, you must know that the Employees Provident Fund Organization, i.e., EPFO, has added 13.41 lakhs of new members in October this year. This shows that EPFO is a reflection of increasing employment opportunities coupled with a growing awareness about employee benefits. The share of the 18-25 age group in the total new members added this month is around 58.49 percent, while about 2.09 lakh are women among those newly added.