There is good news for crores of working class people across the country. Giving good news to its members, EPFO announced the launch of EPFO 3.0 in the new year. Now Union Labor and Employment Minister Mansukh Mandaviya has revealed when this service will start. Apart from this, when will the ATM card be available for the facility of withdrawing EPFO money from ATM and to what extent the money can be withdrawn.
When will ATM card facility come?
According to Union Minister Mansukh Mandaviya, preparations are underway to provide the facility of EPFO mobile app and ATM card to EPFO customers by May-June this year. The Union Minister said that currently work on EPFO 2.0 is going on and the entire IT system is being completely upgraded, the work will be completed by the last week of January.
When will the mobile app come?
Regarding the launch of EPFO’s mobile app, the Union Minister said that after the IT system upgrade, EPFO 3.0 app will be launched by May-June. EPFO subscribers will get the benefit of banking services through this app. The special thing is that this will centralize the entire system and the process of claim settlement will also become simple.
How much money can be withdrawn?
According to sources in the Labor Ministry, discussions are going on between the Reserve Bank and the Finance Ministry for the banking services of EPFO 3.0. After which people will get debit card and will be allowed to withdraw money from ATM.
Talking about how much money can be withdrawn, it is not that people will be able to withdraw the entire contribution from the ATM card, rather a limit will be set for it. The only difference will be that you will not need permission from EPFO to withdraw money. EPFO subscribers will benefit greatly from this step of the government. Because now they do not need to worry about online forms to withdraw money.
