EPFO to Roll Out ATM-Like Fund Withdrawal

The Employees’ Provident Fund Organisation (EPFO) is planning to introduce an ATM card-like facility for fund withdrawals, enhancing convenience for its members by mid-2025.

EPFO is upgrading its IT infrastructure under the EPFO 3.0 initiative, with the first phase expected to be completed by December 2024 and the final phase by June 2025.
The new ATM card feature will allow members to withdraw up to a specified limit from their EPF corpus without requiring prior approvals.
This initiative aims to streamline the withdrawal process, ensuring members can access their funds with ease and transparency, akin to regular bank transactions.
Alongside this, EPFO is considering introducing flexible pension contributions, allowing employees to adjust their contributions to the Employees’ Pension Scheme (EPS) based on individual preferences and financial goals.
Recent measures to tackle corruption in EPFO operations include the compulsory retirement of 12 officers and suspension of 18 others to improve efficiency and transparency.
The move is part of broader reforms addressing a high rate of EPF claim rejections and improving the claim settlement process, with around 25-30% of claims now processed automatically.
To reduce delays and promote fairness, EPFO has also introduced auto claim settlements for advance claims up to ₹1 lakh for education, marriage, and housing needs.