EPFO to Enable ATM Withdrawals by 2025

The Labour Ministry is modernizing its IT infrastructure to streamline services for India’s vast workforce. Starting in 2025, Employees' Provident Fund Organisation (EPFO) subscribers will gain direct access to their provident funds through ATMs, reducing reliance on manual processes, according to Union Labour Secretary Sumita Dawra.

Highlighting ongoing enhancements, Ms. Dawra emphasized faster claims processing and user-friendly service delivery to improve ease of living. She projected significant IT system advancements by January 2025. The EPFO currently boasts over 70 million active contributors.

The government is also advancing plans to extend social security benefits to gig and platform workers. A comprehensive scheme under finalization may include health coverage, provident funds, and financial aid for disabilities. A committee of stakeholders is developing a framework to operationalize these benefits, as outlined in the Code on Social Security, 2020, which formally recognized gig workers and their welfare needs.

Addressing employment trends, the Labour Secretary noted a sharp drop in unemployment rates from 6% in 2017 to 3.2% today. She also highlighted growth in workforce participation, with the Labour Force Participation Rate and Worker Participation Ratio climbing steadily to 58%, reflecting increased employment levels.

This modernization push underscores the ministry’s commitment to leveraging technology and inclusive policies to support India’s evolving workforce.