New Delhi, December 11, 2024: In a move aimed at increasing accessibility and convenience for Provident Fund (PF) holders, the government has announced that, starting in mid-2025, members will be able to withdraw their PF directly from ATMs. This initiative is part of a series of reforms being introduced by the Employees’ Provident Fund Organization (EPFO) to make it easier for individuals to access their retirement savings. Special ATM cards will be issued to PF members, allowing them to withdraw funds at designated ATMs partnered with EPFO and select banks.
In addition to the new withdrawal system, the EPFO is considering raising the current 12% contribution limit for employees, which would allow individuals to contribute more toward their pension benefits. The wage ceiling for PF contributions is also expected to increase, benefiting employees with higher salaries. These proposed changes aim to provide greater flexibility for PF members and ensure they can enhance their retirement benefits.
The new withdrawal system and other proposed reforms are expected to offer improved access and more control over PF funds. Further details on the implementation and the list of partner ATMs and banks will be released in the coming months.
