epfo Big news is coming for subscribers. From the beginning of next year, PF account holders will be able to withdraw their PF amount directly from ATM. Labor Secretary Sumita Dawra has made this big announcement on Wednesday. The Labor Ministry is upgrading its IT systems to provide better services to the country’s large workforce. The Labor Secretary said, ‘We are quickly settling the claims filed by the members and simplifying the process to improve the ease of living. Now a claiming beneficiary can get his claim amount directly from the ATM. This will lead to minimum human intervention and make the process easier.
That money will be withdrawn from the ATM for which claims have been filed by the employees. Employees have to apply for partial withdrawal. Employees can withdraw PF money only under certain special circumstances. Employees can submit claims for partial withdrawal through EPFO website (https://www.epfindia.gov.in) or Umang App.
Big changes will be seen in the new year
Labor Secretary told news agency ANI, ‘The systems are continuously being upgraded. You will see significant improvements every 2 to 3 months. I believe that a big change will be seen from January 2025. When we will have IT 2.1 version in EPFO. He said that our aim is to bring the IT infrastructure of EPFO to the same level as our banking system. Let us tell you that there are about 7 crore active contributors in EPFO i.e. Employees Provident Fund Organization. The Labor Secretary also appreciated the efforts of the government towards improving EPFO services to enhance the ease of living.
Gig workers will get these benefits
Regarding plans to provide social security benefits to gig workers, the Labor Secretary said that the progress is in the advanced stage, but he refrained from giving any timeline. “A lot of work has been done and we have outlined a plan, which will now be finalised,” he said. These benefits may include medical health coverage, PF and financial assistance in case of disability. A committee comprising representatives of various stakeholders has been constituted to propose a framework for providing social security and welfare benefits to gig and platform workers. Gig and platform workers were first defined in the Social Security Code of 2020, which was enacted by Parliament. The Code contains provisions relating to their social security and welfare.
Unemployment has decreased significantly
On the issue of unemployment, the Labor Secretary said that the unemployment rate has declined. He said, “In 2017, the unemployment rate was 6 percent. Today, it has come down to 3.2 percent. Moreover, our workforce is growing. The labor force participation rate is increasing and the worker participation ratio, which shows that actually “How many people are employed has reached 58 percent and is rising.”
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