Labour ministry, RBI hold discussions to ease PF withdrawal
Hindustan TimesThe Union labour ministry has begun discussions with the Reserve Bank of India and other banks on rolling out new services for subscribers of the Employees’ Provident Fund Organisation, such as direct access to savings deposits through ATMs and e-wallets linked to bank accounts, an official said, requesting anonymity. The labour ministry has also proposed e-wallets where EPFO members will be able to receive their provident funds claim, according to the official. Preliminary discussions with banks and RBI are underway to integrate provident fund e-wallets into bank accounts of subscribers, the official cited above said. Of an employer’s total contribution towards provident fund, 8.33% goes towards EPFO’s employees’ pension scheme and 3.67% goes towards provident fund every month, payable on a maximum wage ceiling of ₹15,000.