Reports suggest that the Union Labour Ministry is considering increasing employees’ pension contributions and issuing an ATM card, similar to a debit card, that will allow them to withdraw money directly from ATMs in the future.

EPFO's new ATM withdrawal initiative aims to modernise access to funds, alongside proposed changes in contribution levels and salary caps.

In its updated version, the EPFO will allow employees to contribute amounts exceeding the prescribed limit at any time, offering greater financial flexibility to subscribers

This proposal is in the initial discussion phase. The government’s primary goal is to give subscribers greater freedom to save more.