EPFO Tips- Now you can withdraw PF account money from an ATM, know the full details

If you are a job holder, then you must be aware of the Employees Provident Fund Organization (EPFO) run by the Central Government, recently the government is planning to introduce many new features. As part of the EPFO ​​​​3.0 initiative, the government aims to improve convenience and access for customers, making the process of managing retirement savings more efficient. One such initiative is to withdraw EPFO ​​​​money from ATM, let's know full details about it

1. ATM facility for PF withdrawal

One of the most notable changes under the EPFO ​​​​3.0 scheme is the proposal to allow customers to withdraw their PF directly through ATM. This initiative is expected to start by May-June 2025, and once implemented, it will make access to PF funds much faster and easier.

2. Flexibility in employee contribution limits

Currently, EPFO ​​members contribute 12% of their basic pay and dearness allowance to their PF accounts, with the employer matching this amount. However, under the proposed changes, the government is considering removing the 12% contribution limit. This change will allow employees to contribute more to their PF based on their individual savings goals.

3. Details of current contribution

Currently, 12% of an employee's basic pay and dearness allowance is credited to the PF account. Of this, 3.67% is allocated to EPF (Employees' Provident Fund), and 8.33% goes to EPS-95 (Employees' Pension Scheme).

4. Broad goals:

The labour ministry has been tasked with preparing the ground for the launch of the employment-linked incentive (ELI) scheme, which is expected to generate employment opportunities and contribute to the country's economic growth. EPFO's role in this comprehensive scheme involves both strengthening retirement security and supporting workforce expansion.