The Employees' Provident Fund Organisation (EPFO) is expected to introduce its updated EPFO 3.0 platform in June. The platform aims to provide seamless and simplified services to its subscribers through a robust IT platform.
Earlier, Union Labour and Employment Minister Mansukh Mandaviya told news agency PTI that this will allow "auto-claim settlements, digital corrections, and ATM-based fund withdrawals” to people.
This is aimed at simplifying accessibility to the subscribers to utilise retirement savings funds, besides streamlining the services for crores of EPFO members.
EPFO 3.0: What to expect?
Here are some of the anticipated changes that will be effective after the roll out of EPFO 3.0:
ATM withdrawals
This major convenience will make its quite easy for EPFO subscribers to have access to the PF money just like a bank withdrawal.
The beneficiaries get the opportunity to withdraw their PF amount through ATMs after the settlement of claims.
Auto-claim settlement
EPFO 3.0 will provide automatic claim settlement option to users which reduces the dependency on manual processing. A key highlight here is that it will not only reduce wait time, but will also ensure that the funds get transferred to the bank accounts of users much faster than earlier.
Digital account corrections
Subscribers will now get to update their personal data digitally. This means they will not have to submit forms physically to make changes to their name, date of birth or other details.
OTP-based updates
People can update account details through OTP-based verification. It will replace the usual form-based procedures.
Grievance redressal
Through EPFO 3.0, the provident fund body could make significant improvement in its grievance redressal mechanism. It will help in addressing various concerns of the subscribers effectively.
Apart from these, there are also plans to integrate several social welfare initiatives into the EPFO services. The idea is to come up with a unified social security net that links flagship central government schemes like Atal Pension Yojana, PM Jeevan Bima Yojana, and Shramik Jan Dhan Yojana.
In healthcare, the Employees' State Insurance Corporation (ESIC) is working towards enhancing its services. The beneficiaries might soon have the chance of getting eligible for free treatment at hospitals, including both government and private, that are aligned under the Ayushman Bharat scheme.
Presently, ESIC is said to be providing medical services to nearly 18 crore people in the country via 165 associated hospitals.
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