EPFO 3.0 To Roll Out Soon, Says Union Minister Mansukh Mandaviya — What Is It?
The government is set to launch EPFO 3.0, allowing members to withdraw funds directly from ATMs.
The Employees’ Provident Fund Organisation (EPFO) will soon introduce ‘EPFO 3.0’, enabling subscribers to withdraw their provident fund directly from ATMs, Union Labour Minister Mansukh Mandaviya announced on Thursday. The upgraded system will offer banking-like convenience, along with a host of digital facilities, to streamline transactions.
"In the coming days, EPFO 3.0 version will come. This means EPFO will become equivalent to a bank. Like transactions are carried out in a bank, you (EPFO subscribers) have your Universal Account Number (UAN), and you will be able to do all your work," Mandaviya said, while speaking at the inauguration of EPFO's office complex of Telangana zonal office and regional office in Hyderabad.
What Is EPFO 3.0
EPFO 3.0 is a modernised version of the Employees' Provident Fund system, designed to improve user experience and eliminate bureaucratic hurdles. With the launch of this update, EPFO members will no longer need to visit government offices or approach their employers to withdraw their provident fund (PF).
Instead, they will have the flexibility to access their money through ATMs, just like a bank transaction.
Mandaviya said that similar to banking transactions, EPFO subscribers can manage their accounts using their Universal Account Number (UAN). He added that since the funds belong to the subscribers, they should have the flexibility to withdraw their money anytime and anywhere.
How Will EPFO 3.0 Benefit Subscribers
The primary goal of EPFO 3.0 is to simplify the withdrawal and claim process for members. At present, withdrawing PF funds often involves extensive paperwork and long processing times. But the upcoming system will streamline the process and make fund transfers, claim settlements and pension withdrawals easier.
Mandaviya highlighted that the EPFO platform has undergone significant changes with a pro-people approach. He said that complaints related to EPFO services have been declining, while user-friendly reforms continue to be introduced.
Among these improvements are faster claim processing, name correction facilities, and the ability to withdraw pension funds from any bank.
When Will EPFO 3.0 Be Launched?
The government plans to roll out the EPFO 3.0 app by May or June this year. This app will allow subscribers to check their PF balance, track transactions and initiate withdrawals seamlessly.
With these improvements, EPFO is set to become more accessible, ensuring subscribers have full control over their funds without unnecessary delays. The rollout of EPFO 3.0 marks a significant shift towards a more digital and user-centric provident fund system in India.
