Good news for over seven crore of the Employees’ Provident Fund Organisation (EPFO) subscribers. Members of the retirement fund body EPFO may soon be able to withdraw their provident fund (PF) money directly from ATMs after the settlement.
EPFO ATM Card launch date
EPFO will introduce its cutting-edge software system by June of this year, EPFO 3.0, according to Union Labour Minister Mansukh Mandaviya. As per several media reports, in an interview with reporters on Thursday, Mandaviya disclosed that following the release of EPFO 3.0, EPFO will also provide ATM cards to its members.
With the implementation of revised withdrawal guidelines, members will soon be able to access their EPF funds swiftly using an ATM card.
EPFO subscribers currently face 7-10 day wait for online claim settlement
Currently, subscribers of the Employees’ Provident Fund Organisation (EPFO) have to wait 7-10 days for their claims to be settled online. After the settlement, the money is transferred to the beneficiaries’ bank accounts.
The Centralised Pension Payments System (CPPS) has been fully rolled out across all EPFO regional offices. Union Labour Minister Mansukh Mandaviya celebrated the launch, calling it a ‘historic milestone’.
“This transformative initiative allows pensioners to access their pensions easily from any bank, any branch, anywhere in the country. It removes the need for physical verification visits and streamlines the pension disbursement process,” Mandaviya said. “CPPS reflects our commitment to modernizing EPFO services, ensuring convenience, transparency, and efficiency for pensioners. This rollout sets a new standard in pension service delivery, aligning with our vision of a tech-enabled, member-centric EPFO.”
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