Beginning subsequent 12 months, 2025, EPFO subscribers will be capable of withdraw their Provident Fund (PF) by way of ATMs, Labour Ministry Secretary Sumita Dawra introduced on Wednesday. She highlighted that the ministry is upgrading IT programs to supply “enhanced services” to the nation’s intensive workforce.
The Staff’ Provident Fund Organisation presently has over 70 million energetic contributors. (HT Picture) (Pic used for illustration)
“We are settling claims quickly and are working to make the process easier to improve the ease of living. A claimant, beneficiary, or insured person will be able to access their claims conveniently through ATMs, with minimal human intervention,” the Labour Secretary advised ANI.
She added, “Systems are evolving, and every two to three months, you will notice significant improvements. I believe there will be a major enhancement by January 2025.”
Beforehand, in response to a report by ET Now, the organisation indicated that this function is perhaps rolled out between Might and June 2025.
The federal government focuses on bettering EPFO providers to make life simpler for residents. The Staff’ Provident Fund Organisation presently has over 70 million energetic contributors.
What extra plans does the ministry have?
The federal government is contemplating eradicating the 12% cap on Provident Fund (PF) contributions, permitting staff to contribute as a lot as they need.
Efforts to increase social safety advantages to gig employees are in superior phases, with a scheme being finalised to incorporate advantages like medical protection, provident funds, and monetary help for disabilities.
The central authorities might improve the wage restrict for the Staff’ Provident Fund (EPF) scheme, marking the primary revision since September 2024 when it was raised from ₹6,500 to ₹15,000.
Nevertheless, discussions on the proposed modifications and new insurance policies are nonetheless at an early stage.
A committee with representatives from numerous stakeholders has been shaped to suggest a framework for offering social safety and welfare advantages to gig and platform employees.
Gig and platform employees had been formally outlined within the Code on Social Safety, 2020, which additionally contains provisions for his or her social safety and welfare.
The labour secretary mentioned that the unemployment charge has dropped from 6% in 2017 to three.2% presently. She additionally highlighted that the Labour Power Participation Price is rising, with the Employee Participation Ratio reaching 58% and persevering with to rise.