EPF withdrawal simplified! ATM access rules effective from January 2025

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Withdrawing money from EPF accounts is set to become easier for individuals employed under EPFO. EPFO is introducing a faster withdrawal method. This new system will allow employees to easily withdraw funds from their EPF accounts through ATMs.

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Labor Secretary Sumita Dawra told ANI that the Ministry of Labor and Employment is upgrading its IT system to streamline the EPF withdrawal process.

EPFO's IT infra will be like a banking system. The IT 2.1 upgrade, expected in January, will make EPFO's IT infrastructure equivalent to the country's banking system.

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A dedicated PF withdrawal card is being introduced, solely for withdrawing funds from EPF accounts. The PF withdrawal card will function like a debit card, enabling EPFO members to withdraw funds from ATMs.

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There will be a withdrawal limit. EPFO members can withdraw up to 50% of their account balance at once.

Existing withdrawal rules remain. Unemployed for one month? Withdraw 75%. Two months? Withdraw the entire balance. This simplifies and speeds up EPF withdrawals.