EPFO member may soon be able to withdraw EPF money through ATMs, UPI directly
New Delhi, Jun 24 (PTI): Retirement fund body EPFO subscribers may soon be able to withdraw their employees' provident fund (EPF) directly from their accounts through ATMs or other modes like UPI after linking their bank accounts with EPF.
A highly placed source said the labour ministry is working on a project where a certain proportion of the EPF will be frozen and a large chunk will be available for withdrawal through their bank account using various modes like UPI or ATM debit cards.
The source also said there are some software challenges to implementing this system, which are being resolved.
Presently, the members of the Employees' Provident Fund Organisation (EPFO) have to apply for withdrawal claims to access their EPF money, which is time-consuming.
Under the auto-settlement mode, the withdrawal claims are settled electronically without manual intervention within three days of filing the application form.
The limit of this auto-settlement mode has been raised to Rs 5 lakh on Tuesday from existing Rs 1 lakh.
This will facilitate a large number of EPFO members to access their EPF money within three days for illness, education, marriage, and housing purposes.
The EPFO, which has more than 7 crore members, had first introduced online auto-settlement of advance claims during the COVID-19 pandemic to provide quick assistance to those facing financial crunch.
However, all members have to file claims to access their own EPF.
The new system is being evolved to avoid this time-consuming process and reduce the burden of the EPFO, as over 5 crore claims mostly for withdrawing EPF are settled every year.
The source said that the EPFO cannot allow its members to withdraw money directly from the EPF accounts because the body does not have any banking licences.
However, the source said that the government wants to improve the services of the EPFO at par with banks.
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40 Palestinians killed in Gaza as Netanyahu, Trump meet over ceasefire
Deir al-Balah (Gaza Strip), Jul 9 (AP): At least 40 Palestinians were killed in Israeli airstrikes in the Gaza Strip, hospital officials said Wednesday, as international mediators raced to complete a ceasefire deal.
Israeli Prime Minister Benjamin Netanyahu had a second meeting in two days with US President Donald Trump at the White House on Tuesday evening. Trump has been pushing for a ceasefire that might lead to an end to the 21-month war in Gaza. Israel and Hamas are considering a new US-backed ceasefire proposal that would pause the war, free Israeli hostages and send much-needed aid into Gaza.
Nasser Hospital in the southern city of Khan Younis said the dead included included 17 women and 10 children. It said one strike killed 10 people from the same family, including three children.
The Israeli military did not comment on specific strikes, but said it had struck more than 100 targets across Gaza over the past day, including Hamas members, booby-trapped structures, weapons storage facilities, missile launchers and tunnels. Israel accuses Hamas of hiding weapons and fighters among civilians.
