EPFO New Rule: There is good news for EPFO subscribers. From next year, PF account holders will be able to withdraw their PF amount directly from ATM. Labor Secretary Sumita Dawra announced this on 11 December.
EPFO New Rule: The Labor Ministry is upgrading its IT systems to provide better service to a large workforce of the country. The Labor Secretary said, ‘We are settling the claims filed by the members immediately and simplifying the process to improve the ease of living. Now a beneficiary making a claim can get his claim amount directly from the ATM. This will minimize human intervention and make the process easier’
There is good news for EPFO subscribers. From next year, PF account holders will be able to withdraw their PF amount directly from ATM. Labor Secretary Sumita Dawra announced this on 11 December. The Labor Ministry is upgrading its IT systems to provide better service to a large workforce of the country. The Labor Secretary said, ‘We are promptly settling the claims filed by the members and simplifying the process to improve ease of living. Now a beneficiary making a claim can get his claim amount directly from the ATM. This will minimize human intervention and make the process easier.’
Big change will be seen in the new year
The Labor Secretary said in a conversation with a news agency, ‘Systems are constantly being upgraded. Every 2 to 3 months you will see significant improvements. I am confident that a big change will be seen from January 2025. When we will have IT 2.1 version in EPFO. ‘ He said that our goal is to bring the IT infrastructure of EPFO to the same level as our banking system. EPFO i.e. Employees Provident Fund Organization has about 7 crore active contributors. The Labor Secretary also praised the government’s efforts towards improving EPFO services to increase ease of living.
Gig workers will get these benefits
Regarding the plans to provide social security benefits to gig workers, the Labor Secretary said that the progress in this regard is in the advanced stage, but he refrained from giving any timeline. He said, ‘A lot of work has been done and we have outlined a plan, which will now be finalized. These benefits may include medical health coverage, PF and financial assistance in case of disability.’ A committee comprising representatives of various stakeholders has been formed to propose a framework for providing social security and welfare benefits to gig and platform workers. Gig and platform workers were first defined in the Social Security Code of 2020.
Unemployment has decreased
On the issue of unemployment, the Labor Secretary said that the unemployment rate has declined. He said, ‘The unemployment rate was 6 percent in 2017. Today it has come down to 3.2 percent. Apart from this, our workforce is increasing. The workforce participation rate is increasing. The worker participation ratio shows how many people are actually employed.
Related Articles:
Bank FD Rates: These banks are offering 9.5% interest on fixed deposits, check FD details
PAN 2.0 Apply: How can you get a new PAN from the income tax website, check the step by step process
