Imagine walking to an ATM and withdrawing your hard-earned Provident Fund (PF) money just like cash from your bank account. Sounds exciting, right? The Indian government has announced a new system called EPFO 3.0, which will soon allow employees to access their PF savings using an ATM card, making life simpler for millions of workers. Announced by Labour Minister Mansukh Mandaviya on March 6, 2025, this update aims to remove the hassle of running to employers or PF offices for withdrawals.
This change is a big step forward. Earlier, getting PF money was a long and tiring process. Now, with PF by ATM, the government wants to ensure that your money stays yours to use when you need it most.
How Will PF by ATM Work
The new system is easy to understand. If your salary contributes to the Employees’ Provident Fund (EPF), you’ll get an ATM card linked to your PF account. Using this card, you can withdraw up to 50% of your total PF savings directly from an ATM, just like a bank transaction.
There’s a catch, though. You can only take out half of your savings, and during your job, you’re allowed to do this three times after completing seven years of service. The government is also launching a mobile app to make tracking your PF even easier, expected to roll out by May or June 2025.
More Benefits for PF and Pension Holders
This isn’t just about PF by ATM. Pensioners have good news too—since January 1, 2025, they can withdraw their pension from any bank, not just one specific bank like before. For employees, there are rules: after quitting a job, you can take out 75% of your PF after one month, or 90% a year before retirement at 58.
Need money for emergencies like medical bills, buying a house, or higher education? You can dip into your PF account for that too. With EPFO 3.0, the government is making sure employees have more control over their savings.
The PF by ATM system is all about convenience. No more waiting for approvals or dealing with paperwork—just swipe your card and get your money. It’s a small change that could make a big difference for workers across India, giving them freedom and peace of mind.
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