NEW DELHI: Employees' Provident Fund Organization subscribers will be able to withdraw their provident funds directly from ATMs starting January 2025, as per reports on Wednesday, quoting Labour Secretary Sumita Dawra.
According to reports, the Employees' Provident Fund Organization has over 70 million active contributors. Additionally, the labor secretary also emphasized the government's efforts to improve EPFO services to enhance the ease of life.
Commenting on plans to extend social security benefits to gig workers, Dawra said that the progress was at an advanced stage. She further stated, "A lot of work has been done, and we have outlined a scheme that is now in the finalization process."
The Employees' Provident Fund Organization had invested Rs 34,207.93 crore earlier this month in exchange-traded funds during the April-October period of this fiscal year.
According to a written reply to Lok Sabha by Minister of State for Labour and Employment Shobha Karandlaje, the EPFO had invested Rs 57,184.24 crore in the ETFs.
The total amount of various funds managed by EPFO was Rs 24.75 lakh crore as of March 31, 2024, including debt investments of Rs 22,40,922.30 crore and Rs 2,34,921.49 crore in ETFs. The deadline for activating the universal account number and linking Aadhaar to bank accounts has further been extended to Dec. 15, 2024.
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