DBT Bureau
Bengaluru, 3 January 2024
Employees’ Provident Fund Organisation (EPFO) is planning to introduce ATM facility for its users that will allow its members to withdraw funds from their corpus through an ATM card.
According to reports, the ATM-card type withdrawal from the EPFO is expected to be rolled out by the middle of next year. However, unlike normal bank accounts, EPFO will impose certain ceiling of withdrawal on the funds given the retirement need of its subscribers.
Notably, the EPFO is currently overhauling its IT infrastructure under EPFO 3.0 project. The first phase of the project is likely to be completed in June 2025, which will introduce many user-friendly measures for its subscribers. The ATM card feature for withdrawal of funds from the EPFO corpus is expected to be rolled out after the completion of the IT upgrade, reports said.
The EPFO is also planning to make pension contributions flexible. Under this proposal, employees will have the flexibility to contribute more or less than the existing 12% limit to the Employees’ Pension Scheme (EPS).
