epfo-subscribers-can-withdraw-claims-via-atms-soon

Subscribers of the retirement fund body EPFO may soon be able to withdraw claim amounts from their accounts using ATMs, according to a top official.

 

Union Labour Secretary Sumita Dawra has reportedly stated that the labour ministry is modernising information technology infrastructure to deliver better services to the Indian workforce.

 

She added that claimants, beneficiaries, and insured individuals will be able to retrieve their claim amounts via ATMs.

 

According to the report, the withdrawal will be capped at 50 per cent of the Employees' Provident Fund (EPF). A maximum of Rs 7 lakh is provided under the Employees' Deposit Linked Insurance (EDLI) scheme run by the EPFO to the heirs of deceased subscribers.

 

Thus, the heir of the deceased EPFO subscriber may also be able to use ATMs to withdraw the settled claim. A query e-mail sent to the labour ministry did not elicit any response.