13 Dec 2024
The Employee Provident Fund Organisation (EPFO) is upgrading its IT infrastructure to be at par with banking systems.
By January 2025, EPFO plans to upgrade its IT infrastructure to improve service delivery, simplify claim settlements, and streamline PF withdrawals. The new system 2.1 will offer a PF withdrawal card that can be used in ATMs to pull out up to 50% of the PF balance.
Under the new system, a beneficiary, claimant, or insured person will be able to withdraw PF money from the ATM. Beneficiaries will be able to use it in case of the member’s death. This may be possible once beneficiaries connect their bank accounts with the deceased member’s PF account.
However, the overall PF rules remain unchanged. Employees cannot withdraw PF while employed. 75% of their PF becomes available if someone is unemployed for a month. 100% is available for withdrawal after two months of unemployment.
Members can withdraw a part of PF in case of a medical emergency, marriage, house purchase or renovation.