EPFO, ESIC subscribers may soon use claim amounts via e-wallets: Labour Secretary

Subscribers of retirement fund body EPFO and Employees’ State Insurance Corporation (ESIC) 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 said, “This is an area of great interest for the insured person, 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). We’ll have a plan in place very soon,” she said.