Labor Ministry Secretary Sumita Dawra said that EPFO subscribers will be allowed to take their Provident Fund (PF) out of ATMs beginning in 2025. She emphasized that in order to provide the nation's large workforce with "enhanced services," the ministry is modernizing its IT infrastructure.
"We're attempting to streamline the process to increase living standards and are promptly resolving cases. With little assistance from humans, a claimant, beneficiary, or insured individual will be able to effortlessly obtain their claims via ATMs, the Labour Secretary told ANI.
"Systems are evolving, and you will notice significant improvements every two to three months," she continued. By January 2025, I think there will be a significant improvement.
In the past, the organization suggested that this feature might be implemented between May and June 2025, according to a report.
To make citizens' lives easier, the government works to improve EPFO services. There are already more than 70 million active contributors to the Employees' Provident Fund Organization.
What other plans does the ministry have in mind?
The 12% cap on Provident Fund (PF) contributions may be lifted, enabling employees to make as much as they like, according to government proposals.
With a plan being finalized to incorporate benefits like medical coverage, provident funds, and financial help for disabilities, efforts to expand social security benefits to gig workers are progressing.
The central government may increase the Employees' Provident Fund (EPF) wage threshold for the first time since it was raised from ₹6,500 to ₹15,000 in September 2024.
A committee made up of members from various parties has been formed to propose a framework for providing social security and welfare benefits to gig and platform workers.
According to the labor secretary, the unemployment rate has decreased from 6% in 2017 to 3.2% at present. She also emphasized that the worker participation ratio has reached 58% and is still rising, indicating that the labor force participation rate is rising.
