EPFO Subscribers to Withdraw Funds from ATMs Starting 2025
The Ministry of Labour is advancing its IT infrastructure to provide better services to India's vast workforce. Starting in early 2025, Employees' Provident Fund Organisation (EPFO) subscribers will be able to withdraw their provident funds directly from ATMs, Union Labour Secretary Sumita Dawra announced.
EPFO Claims to Be Accessible via ATMs
"We are expediting claims settlement and simplifying processes to improve the ease of living. Subscribers will soon have the convenience of withdrawing claims through ATMs with minimal human intervention," Ms. Dawra shared during a statement.
This technological upgrade aligns with the government's mission to enhance user experience and reduce procedural delays. The system overhaul is expected to see significant progress by January 2025.
Focus on Enhancing EPFO Services
EPFO currently serves over 70 million active contributors. The government is continuously refining its systems, introducing significant improvements every few months, the Labour Secretary added.
Efforts to provide a seamless experience for claimants reflect the Labour Ministry’s commitment to improving the ease of living for India's workforce.
Social Security for Gig Workers Nears Reality
The Labour Ministry is also making strides to extend social security benefits to gig and platform workers, a group formally recognized under the Code on Social Security, 2020.
"A comprehensive scheme for gig workers is in its final stages," Ms. Dawra stated. This framework aims to offer medical health coverage, provident fund benefits, and financial support for disabilities.
A dedicated committee with representatives from various stakeholders is drafting proposals to provide welfare and security for gig workers. While no timeline was disclosed, these benefits are anticipated to significantly enhance the lives of millions of workers in the informal economy.
Positive Trends in Employment Metrics
Ms. Dawra highlighted the declining unemployment rate in India , which dropped from 6% in 2017 to 3.2% today.
“The Labour Force Participation Rate is steadily rising, and the Worker Participation Ratio, indicating the proportion of employed individuals, has reached 58% and continues to increase,” she noted.
Key Highlights:
EPFO Claims to Be Accessible via ATMs
"We are expediting claims settlement and simplifying processes to improve the ease of living. Subscribers will soon have the convenience of withdrawing claims through ATMs with minimal human intervention," Ms. Dawra shared during a statement.
This technological upgrade aligns with the government's mission to enhance user experience and reduce procedural delays. The system overhaul is expected to see significant progress by January 2025.
Focus on Enhancing EPFO Services
EPFO currently serves over 70 million active contributors. The government is continuously refining its systems, introducing significant improvements every few months, the Labour Secretary added.
Efforts to provide a seamless experience for claimants reflect the Labour Ministry’s commitment to improving the ease of living for India's workforce.
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Social Security for Gig Workers Nears Reality
The Labour Ministry is also making strides to extend social security benefits to gig and platform workers, a group formally recognized under the Code on Social Security, 2020.
"A comprehensive scheme for gig workers is in its final stages," Ms. Dawra stated. This framework aims to offer medical health coverage, provident fund benefits, and financial support for disabilities.
A dedicated committee with representatives from various stakeholders is drafting proposals to provide welfare and security for gig workers. While no timeline was disclosed, these benefits are anticipated to significantly enhance the lives of millions of workers in the informal economy.
Positive Trends in Employment Metrics
Ms. Dawra highlighted the declining unemployment rate in India , which dropped from 6% in 2017 to 3.2% today.
“The Labour Force Participation Rate is steadily rising, and the Worker Participation Ratio, indicating the proportion of employed individuals, has reached 58% and continues to increase,” she noted.
Key Highlights:
- EPFO Claims via ATMs: Subscribers will soon withdraw provident funds directly from ATMs, ensuring convenience and faster processing.
- Improved Services: Labour Ministry aims to overhaul systems by January 2025.
- Gig Worker Benefits: Plans for social security measures, including health coverage and provident funds, are in advanced stages.
- Declining Unemployment: India's unemployment rate has significantly reduced to 3.2%, signaling a healthier labor market.
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