EPFO ATM Card and Mobile App: The Employees’ Provident Fund Organisation (EPFO) subscribers will soon be able to access their funds through ATM cards and a dedicated mobile app, as announced by Union Labour and Employment Minister Mansukh Mandaviya. The new facilities are expected to launch by May-June this year, marking a significant shift in how subscribers can access their PF contributions.
According to the Minister, preparations are in full swing to implement these new features as part of the organization’s digital transformation initiative. While the ATM card will not permit complete withdrawal of contributions, it will simplify the process by eliminating the need for prior EPFO approval for certain withdrawals.
System Upgrade Timeline for EPF
The implementation will proceed in phases:
- EPFO 2.0: IT system upgrade to be completed by January end
- EPFO 3.0: Mobile app launch with banking features by May-June
- Complete centralization of the claim settlement process
Ongoing Discussions
Sources from the Ministry of Labour confirm that talks are currently underway between RBI and the finance ministry.
These discussions aim to establish the framework for providing banking facilities to EPFO subscribers through the EPFO 3.0 platform.
Withdrawal Limits and Accessibility
While specific withdrawal limits are yet to be announced, key features include:
- Predetermined withdrawal caps
- No requirement for prior EPFO approval within limits
- Simplified process without extensive paperwork
- Elimination of mandatory office visits
Employment Growth Statistics
Minister Mandaviya also shared significant employment data:
- 17.19 crore jobs created during 2014-2024
- Six times higher employment generation compared to UPA government
- 4.6 crore new jobs in 2023-2024
- 19% growth in agricultural employment (2014-2023)
- 16% decline in agricultural employment during UPA tenure (2004-2014)
The introduction of these new facilities represents a major step toward modernizing EPFO services, making them more accessible to millions of subscribers across India. The initiative aims to streamline the process of fund access while maintaining necessary security measures.
This development is part of the government’s broader efforts to digitize and simplify public services, making them more user-friendly and efficient for citizens.
