The Employees’ Provident Fund Organisation (EPFO) is launching ‘EPFO 3.0’, a major update. This will make PF withdrawals easier; subscribers will soon be able to withdraw their provident fund directly from ATMs, just like any other bank transaction.
Union Labour Minister Mansukh Mandaviya announced that the new system will include various digital features to improve convenience and simplify transactions for EPFO members.
He also mentioned that EPFO plans to develop ‘EPFO 3.0’, which will provide its users with banking-like convenience. “The EPFO 3.0 version will be released soon. This indicates that the EPFO will become similar to a bank. As with bank transactions, you (EPFO customers) will have your Universal Account Number (UAN) and will be able to complete all of your job,” Mandaviya stated.
EPFO 3.0 is an enhanced version of the present system that aims to make withdrawals faster and more user-friendly. With this change, EPFO members will no longer need to visit government offices or obtain consent from their employers to access their PF funds. Instead, users will be able to withdraw their funds from ATMs, just as they would from a bank account.
Subscribers will be able to control their accounts using their Universal Account Number (UAN). It is unclear what the cap will be for PF withdrawals from ATMs. Withdrawing PF funds is now complicated and time-consuming. EPFO 3.0 attempts to address this by making fund withdrawals, claim settlements, and pension transfers significantly easier and faster.
The EPFO has implemented various modifications to improve the user experience. Complaints regarding EPFO services have diminished, and new features such as speedier claim processing, name corrections, and pension withdrawals from any bank have already been implemented.
The government intends to introduce the EPFO 3.0 app in May or June of this year. This software allows users to effortlessly check their PF balance, follow transactions, and make withdrawals. The minister emphasized that because the money in these accounts belongs to the employees, they should be able to access it at any time and from any location without incurring excessive delays.