Can you withdraw your EPF through ATMs after EPFO 3.0 implementation? Know important EPF changes Labour Ministry is set to introduce in June 2025

EPFO 3.0: After the EPFO 3.0 launch, subscribers might be able to withdraw PF through ATMs through a debit card-style facility.

Bhawna Gupta | Dec 04, 2024, 03:30 PM IST

The Ministry of Labour and Employment is to launch EPFO 3.0 by June next year. The ministry is looking to make several changes in the employee provident fund (EPF), such as removing employees' 12 percent contribution cap and allowing PF withdrawals through ATMs.

Images: Pixabay, IANS, PTI

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EPFO 3.0 launch

EPFO 3.0 launch

Let's know more about what EPFO 3.0 is and what changes are in consideration by India’s provident fund system.

 

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EPFO 3.0- Launch date

EPFO 3.0- Launch date

The Labour Ministry is to launch the new version of EPFO i.e. 3.0 early next year. 

 

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Withdraw PF through ATMs

Withdraw PF through ATMs

After the EPFO 3.0 launch, subscribers might be able to withdraw PF through ATMs through a debit card-style facility.

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Capping on withdrawal

Capping on withdrawal

Withdrawals will be limited, ensuring that retirement funds are preserved while providing liquidity for emergencies.

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May remove capping on employees' contribution

May remove capping on employees' contribution

The Labour Ministry may also consider lifting the 12 per cent maximum on employee contributions, allowing workers to save more.

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What is the aim of Labour ministry from EPFO 3.0?

What is the aim of Labour ministry from EPFO 3.0?

The Ministry aims that employees should get the facility to save at their convenience.

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EPFO 3.0: Will employers' contribution increase to EPF?

EPFO 3.0: Will employers' contribution increase to EPF?

There is no discussion yet on increasing employers' contribution.

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How will ATM withdrawal work?

How will ATM withdrawal work?

EPFO card will work like an ATM card from which more than 50 per cent of money can be withdrawn like a bank account. 

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EPS-95

EPS-95

The government is also working on reforms to the Employees' Pension Scheme 1995 (EPS-95). Currently, 8.33 per cent of the employer's contribution goes to EPS-95. The proposed modifications may allow employees to contribute directly to the system, increasing their pension payouts.

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What is EPFO?

What is EPFO?

EPFO is a statutory body that manages India's provident funds and social security.

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