The Employees’ Provident Fund Organisation (EPFO) is taking steps to simplify the process for members to withdraw funds from their corpus by introducing an ATM-card-like feature. According to officials, this new system will allow EPF subscribers to withdraw their funds directly from their corpus using a card, making it easier for individuals to access their savings.
This ATM card-style facility is expected to be implemented in phases, with the first phase of the rollout expected to begin by mid-2024. However, the feature will only be available after the completion of the EPFO's ongoing IT upgrades under the EPFO 3.0 initiative. The first phase of the EPFO 3.0 upgrade is set to finish by December 2023, with the entire project expected to be completed by June 2025.
The EPFO has been focusing on enhancing its IT infrastructure and refining its processes over the last several months. These improvements aim to offer a more efficient and user-friendly experience for members accessing their retirement funds.
The ATM card feature will have certain conditions, including a withdrawal ceiling. Members will be able to withdraw up to a set percentage, likely 50%, of their corpus without needing additional permissions. This initiative is expected to make it more convenient for EPF members to access their funds directly from an ATM or a similar facility, ensuring quicker and hassle-free transactions.
The move is expected to be welcomed by EPF members who will benefit from easier access to their savings, especially in emergencies, without the need for extensive paperwork or online approvals.
