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EPFO, ESIC Claims via E-Wallets Soon: Labour Secy

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By Rediff Money Desk, New Delhi   Dec 18, 2024 17:22

EPFO and ESIC subscribers may soon be able to access their claim amounts through e-wallets. The Labour Ministry is working with banks and the RBI to implement this new system.
EPFO, ESIC Claims via E-Wallets Soon: Labour Secy
Illustration: Dominic Xavier/Rediff.com
New Delhi, Dec 18 (PTI) Subscribers of retirement fund body EPFO and Employees' State Insurance Corporation may soon be able to use the claim settlement amounts through e-wallets, a top official said on Wednesday.

Replying to a question on EPF withdrawal from ATMs, Secretary in the Ministry of Labour and Employment Sumita Dawra told PTI, "This is an area of great interest for the insured person, for a contributor. How can I withdraw my money more easily."

In cases of auto settlement... the money goes to the bank account and they in any case are able to withdraw it from the bank account, from any ATM presently, Dawra said.

"Now you are talking about how the claim can go directly to probably a wallet or, we'll have to work out some mechanism. So there we have started talks with bankers and also we are going to have a plan in place on how we can do this practically," she said, while speaking on the sidelines of a tourism summit here.

"We are reaching out to them (Reserve Bank of India) and we'll have a plan in place very, very soon," she said.
Source: PTI
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