Mumbai, January 13: A new Employees’ Provident Fund Organisation (EPFO) mobile application and debit card facility are set to be introduced for EPFO subscribers by May or June of this year. Union Labour and Employment Minister Mansukh Mandaviya shared the announcement, highlighting the government’s commitment to improving accessibility and convenience for EPFO members.

With the launch of the new system, employees will gain the ability to withdraw their EPF savings directly from ATMs, offering greater accessibility and simplifying financial emergency management. The initial phase of the website and system upgrades is anticipated to be finalized by January 2025. EPFO UAN Activation for ELI Scheme, Aadhaar-Bank Account Linking Deadline Ends on January 15; Know How To Activate Your UAN.

Sources from the Ministry of Labour indicate that the Reserve Bank of India (RBI) and the Finance Ministry are in discussions to integrate banking services into EPFO 3.0. If approved, this initiative would enable EPFO subscribers to access debit cards and withdraw funds directly from ATMs. How to Withdraw PF Amount Online via epfindia.gov.in and Offline: Know Important Rules, Forms & Procedure.

Subscribers should note that the ATM card facility will come with a set withdrawal limit, preventing access to the full EPF balance. The key benefit, however, is that withdrawals within this limit will no longer require prior EPFO approval, streamlining the process. This initiative by the government is expected to greatly ease the experience for EPFO members, doing away with cumbersome paperwork and in-office formalities.

(The above story first appeared on LatestLY on Jan 13, 2025 05:04 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).