Latest news with #SumitaDawra
Time of India
6 days ago
- Business
- Time of India
EPFO likely to allow instant PF withdrawals via UPI and ATMs from June 2025
The Employees' Provident Fund Organisation (EPFO) is set to revolutionize the way millions of employees access their provident fund (PF) savings. Starting June 2025, EPF members will be able to instantly withdraw PF funds via Unified Payments Interface (UPI) and ATMs, according to DD News. This major step is being implemented with the support of the Ministry of Labour and Employment and has already received approval from the National Payments Corporation of India (NPCI). The new facility will also allow users to check their PF balance directly on UPI platforms and transfer funds to their bank accounts without delays. Instant PF withdrawals under EPFO 3.0 Currently, PF withdrawals involve submitting online claims followed by a waiting period for approval from EPFO field offices. This process can take several days or even weeks. However, the upcoming integration with UPI and ATMs is expected to make settlements instantaneous. Members will be allowed to withdraw up to ₹1 lakh instantly—especially helpful in emergencies. 'EPFO has made significant improvements in its digital infrastructure by integrating over 120 databases,' said Sumita Dawra, Secretary at the Ministry of Labour and Employment. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Perdagangkan CFD Emas dengan Broker Tepercaya IC Markets Mendaftar Undo 'These efforts have reduced claim processing time to just three days, with 95 per cent of claims now being processed automatically. Further upgrades are also in progress to make the system even more efficient.' Expanded withdrawal purposes Currently, the EPF scheme allows withdrawals for medical emergencies, housing, education, and marriage, but members must meet specific eligibility criteria and provide proper documentation. With the upcoming changes, the scope of permitted withdrawal reasons will be expanded, giving employees greater financial flexibility for key life events. In another significant development, pensioners under the Employees' Pension Scheme (EPS) of 1995 will be able to access their pensions from any bank branch across India starting January 1, 2025. This means retirees will no longer be restricted to specific banks or branches. Even if a pensioner relocates or changes banks, pension disbursal will continue seamlessly through the Centralised Pension Processing System (CPPS), eliminating the need to transfer Pension Payment Orders (PPO) between offices. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
7 days ago
- Business
- Time of India
EPF withdrawals via ATM, instant UPI as EPFO 3.0 likely to roll out in June 2025
Tired of too many ads? Remove Ads Withdrawing EPF funds instantly under EPFO 3.0 Tired of too many ads? Remove Ads Pension changes for EPFO from January 1, 2025 The Employees' Provident Fund Organisation (EPFO) plans to change how millions of employees withdraw their provident fund (PF) funds. It is likely that from June 2025, EPF members will be able to withdraw PF funds instantaneously via UPI and ATMs, eliminating the lengthy and methods of the past, according to the DD initiative is being implemented with the support of the Ministry of Labour and Employment and has received approval from the National Payments Corporation of India (NPCI). EPF members will also be able to check their PF balance directly on UPI platforms and transfer funds to their preferred bank accounts without read: EPF changes in 2025: New form to transfer EPF account, instant UAN activation, other announcements made by EPFO that you need to know Currently, Withdrawing PF funds involves submitting online claims and waiting for approvals from field offices of EPFO. This can take several days or even weeks. However, with the upcoming UPI integration and withdrawal facility via ATM, EPF withdrawal settlement will become instant and are the days of submitting online claims and waiting days or even weeks for PF withdrawals. With the new UPI integration, EPFO members can withdraw up to Rs 1 lakh instantly, making funds readily available during emergencies. According to Sumita Dawra, Secretary at the Ministry of Labour and Employment, this update allows employees to check their PF balance directly on UPI platforms and transfer funds to their bank accounts without delays, as per DD reasons for PF WithdrawalsCurrently, EPF scheme allows withdrawals for medical emergencies, Housing (e.g., home purchases or renovations), Education (e.g., funding higher studies), Marriage (e.g., wedding expenses). However, to make the EPF withdrawal, an EPF member is required to fulfill certain criteria. Once the specific conditions are met, KYC and other documents are in order, only then EPFO successfully settles the proposal to expand the EPF withdrawal scope ensures that employees can tap into their PF savings for critical life events, making the system more responsive to their needs. This step aims to give more financial flexibility to employees. 'EPFO has made significant improvements in its digital infrastructure by integrating over 120 databases,' Dawra said.'These efforts have reduced claim processing time to just three days, with 95 per cent of claims now being processed automatically. Further upgrades are also in progress to make the system even more efficient,' she covered by the Employees' Pension Scheme (EPS) of 1995 will be able to access their pension from any bank branch in India as of January 1, 2025. This means that retirees can obtain their benefits from any bank or branch in even in the event that a pensioner relocates or switches banks or branches, the CPPS will guarantee pension delivery across India without requiring the transfer of Pension Payment Orders (PPO) from one office to another.
Gulf News
05-03-2025
- Business
- Gulf News
Female unemployment drops to just 3.2 per cent in India in last 6 years: Centre
New Delhi: Female unemployment has dropped significantly to just 3.2 per cent in the last six years in India, said the Ministry of Labour and Employment on Wednesday. This reflects a shift toward greater inclusion and economic empowerment, said Sumita Dawra, Secretary, at the Ministry, at a two-day deliberation on improving female workforce participation in the country, in Mussoorie. Dawra highlighted how India has witnessed a positive trend in female workforce participation over the past six years, with higher economic engagement, declining unemployment, and more educated women entering the workforce. 'The Worker Population Ratio (WPR) for women aged 15 years and above has risen from 22.0 per cent in 2017-18 to 40.3 per cent in 2023-24, while the Labour Force Participation Rate (LFPR) for women has increased from 23.3 per cent to 41.7 per cent in the same period,' Dawra said. 'Notably, female unemployment has dropped significantly from 5.6 per cent to just 3.2 per cent,' she added. ' The Viksit Bharat 2047 envisions 70 per cent female workforce participation . "Focused discussions on identifying systemic barriers and policy gaps are crucial for formulating innovative solutions that align with India's broader economic and social development goals, ensuring sustainable and equitable workforce participation for women,' Dawra said at a round table discussion during the event. With India's Female Labour Force Participation Rate (FLFPR) at 41.7 per cent (PLFS 2023-24), the event brought together government policymakers, industry leaders, global organisations, and skilling institutions to address key challenges and barriers, including employment barriers, workplace safety, pay parity, and digital job opportunities. At the two-day deliberations, the Ministry identified key action areas critical to enhancing women's workforce participation under its mandate. Expanding affordable and quality care services was recognised as a labour market enabler, emphasising the need to integrate care policies into employment frameworks to support working women. It highlighted the need for aligning skilling initiatives as per industry demand to ensure women's access to high-growth sectors. Strengthening workplace safety, equitable policies, and gender-sensitive labour laws also emerged as a priority, underscoring the need for compliance mechanisms, gender audits, and enforcement of PoSH regulations. With the advances in AI and digital transformation in the country, the Government also focused on the need to leverage digital employment platforms, which will help enhance women's digital literacy. Further, integrating AI-driven skilling programmes will also ensure women's equitable participation in the future of work. Sign up for the Daily Briefing Get the latest news and updates straight to your inbox
