EPFO members’ PF claim Money will be Transferred to e-wallet – Read full Details
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EPFO News: The Government of India is going to launch new initiatives through EPFO (Employees Provident Fund Organization) and ESIC (Employees State Insurance Corporation) for the convenience of employees and workers.
One of the important steps is the plan to transfer the amount of PF (Provident Fund) claim directly to the e-wallet, so that members can get quick and easy access to their funds.
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Process for PF claim transfer to e-wallet
According to a report by Money Control, “This initiative of the government is being taken as part of the reform of the IT system of the Ministry of Labor and Employment, which aims to simplify and speed up the PF withdrawal process. Under this scheme,EPFOand ESIC members will be able to receive their PF claim amount directly in their e-wallet, so that they will not have to depend on bank accounts.”
Implementation of the process
According to a report by TV9 Hindi, ”The governmenthas started talks with banks and the Reserve Bank of India (RBI) to implement this new facility. According to the plan, the facility of direct PF withdrawal through ATM can also be made available in the beginning of the year 2025. With this, members will be able to withdraw money from their PF account from any bank’s ATM.
Benefits to EPFO members
- Members will get instant access to their PF amounts, making it easier to meet emergency needs.
- Dependence on bank accounts will reduce and it will be easier to make digital payments through e-wallets.
- Security of money will be ensured through digital transactions, which will reduce the chances of fraud.
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