There is big news for EPF account holders. Union Labor minister Mansukh Mandaviya, while talking to journalists recently, has told that the Employees Provident Fund Organization is ready to launch EPFO 3.O with its new software system by june this year.
New ATM card will be available
The Union minister further said that after the launch of EPFO 3.O, a new ATM card will be issued to all those people whose PF is deducted. people will be able to withdraw their PF easily from any ATM using this ATM card. However, it has not been told yet whether one has to apply for this ATM card somewhere or the government itself will send the ATM card to the address of the people who have a PF account. But, it is clear that only in the year 2025, you will be able to withdraw your money from the PF account from your special PF ATM.
How much money will be withdrawn, how will the card work
Last month, Labor Secretary sumit Dawra had told that in the year 2025, EPFO customers can withdraw their PF money through ATM card. Apart from this, Dawra also told that account holders can withdraw up to 50 percent of the money from their account. Now let's come to the question that how will the ATM card with PF account work. According to ET's report, this card will also be like a normal ATM card and will work in the same way. Obviously, if the money is withdrawn from a normal ATM card, then its ATM card will also be like the ATM card of normal banks.
Online claim settlement takes 7-10 days
At present, the subscribers of the Employees Provident Fund Organization (EPFO) have to wait for 7 to 10 days for their online claim settlement. Once the claim is settled, the money is transferred directly to the bank account of the account holders. However, after the introduction of ATM facility, you will be able to easily withdraw money from your PF account instantly.
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