Big information regarding Provident Fund has come to light from the platform of ABP Network’s flagship event India 2047 Entrepreneurship Conclave. In this program, Union Minister of Labor and Employment and Youth Affairs and Sports, Dr. Mansukh Mandaviya has revealed the government’s preparations to simplify the PF withdrawal process. Mandaviya said that work is underway on the plan to link PF to UPI before March, after which employees will be able to withdraw their PF from ATMs also. In such a situation, let us tell you today how after UPI is linked to PF before March, how money will be withdrawn from ATM and how the process regarding this will become easy.

Now withdrawing PF will become even easier

During ABP Network’s flagship event India 2047 Entrepreneurship Conclave, Mansukh Mandaviya was asked whether the government is going to take such a decision in the coming months, due to which PF account holders will be able to withdraw 75 percent of their total deposited money without any reason. In response to this, Union Minister Mansukh Mandaviya said that PF is the employee’s own hard-earned money, which is deducted from his salary and deposited. Today, the process of withdrawing PF is so difficult that many people get tired just filling the form. He said that earlier to withdraw PF, many forms and columns had to be filled. In view of this problem, the government gradually changed the rules and now up to 75 percent of PF money can be withdrawn without any reason.

Why will 25 percent PF money be kept?

Mansukh Mandaviya said that 25 percent of the amount was left in PF so that the employees can continue their jobs. Giving an example, the Union Minister said that if an employee leaves the job after working for 7 months and withdraws the entire PF. Then after some time, if he joins the job, his PF continuity is broken. Whereas for pension, 10 years of continuous service is required. In such a situation, by depositing 25 percent amount, the employee gets security till he gets a new job and he can remain eligible for pension.

How to withdraw PF from ATM and UPI?

Mansukh Mandaviya made a big announcement and said that the government has made full preparations to link PF with UPI and ATM. Its process is going on and before March, employees will be able to withdraw PF money directly from ATM. He said that PF account has already been linked to bank account, Aadhaar and UN. Now PF functionality will be added to debit cards and ATMs, so that employees will be able to withdraw 75 percent of their PF anytime if needed. Mansukh Mandaviya has clearly said that this decision has been taken to get rid of the paper process and to make the life of the employees easier. He said that by connecting PF to the digital platform, the government wants to provide relief to the people from paper hassles.

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