 "EPFO subscribers may soon withdraw claim amounts from accounts through ATMs")
Subscribers of the retirement fund body EPFO may soon be able to withdraw claim amounts from their accounts through ATMs, a top official said.
Union Labour Secretary Sumita Dawra has reportedly said that the labour ministry is upgrading information technology infrastructure to provide enhanced services to the Indian workforce.
She further said that claimants, beneficiaries or insured individuals will be able to access their claim amounts through 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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app