EPFO subscribers may soon withdraw money via ATMs: EPFO members will soon be able to withdraw money from their PF account through ATM. Quoting a top official, news agency PTI-Bhasha gave this information on Friday. Union Labor Secretary Sumita Dawra reportedly said in a media report that the Labor Ministry will take action against factories, companies andEmployees working in organized sectorIs upgrading IT to provide better services. He further said that the claimant, beneficiary or insured person will be able to get the amount under their claims through ATM.
According to a media report, the withdrawal limit will be up to 50 percent of the Employees Provident Fund i.e. EPF. Under the EPFO scheme Employee Deposit Linked Insurance Scheme (EDLI Scheme), a maximum of Rs 7 lakh is given to the heirs in the event of death of the members. Thus, in case of death, the heirs can use the ATM to withdraw the amount against the settled claim. However, no response was received to the questions sent by PTI to Labor Ministry officials regarding this news till the time of writing.
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EPFO provides social security to millions of employees
Employees Provident Fund Organization (EPFO) provides social security to millions of employees working in the organized sector. Through this they get benefits like provident fund, insurance and pension. After joining any company as an employee, people become members of EPFO. With this, members become eligible for benefits like EPFO’s provident fund, insurance and pension. EPFO creates Provident Fund to provide social and financial security to employees in old age.Contribution goes to the PF fund from both the company and the employee.
After joining a company as an employee, he starts contributing 12 percent of his basic salary and dearness allowance and the same contribution is made by the company in the PF fund. However, the company’s contribution is divided into two accounts. Out of which 8.33 percent is deposited in the Employees Pension Scheme (EPS) i.e. Pension Fund and 3.67 percent goes in the Employees Provident Fund i.e. EPF.
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Employees Pension Scheme is a pension scheme, the work of managing which is done by EPFO. EPS was launched in the year 1995. This is for employees working in the organized sector. You will get the benefit of this scheme only when your job tenure is at least 10 years. However, they start getting this pension after they complete 58 years of age.
