Union Labour Minister Mansukh Mandaviya announced that the EPFO (Employees Provident Fund Organisation) will soon launch the “EPFO 3.0 version“. This will make PF withdrawals easier, Subscribers will soon be able to withdraw their provident fund directly from ATMs, just like a regular bank transaction, along with several other new features to enhance convenience and simplify transactions for EPFO members.
Key Features of EPFO 3.0
ATM Withdrawals: Subscribers will be able to withdraw their provident fund savings directly from ATMs using an ATM card issued by EPFO, similar to a debit card.
Now subscribers will not need to go through the lengthy claim filing process or wait for fund disbursals.
Banking-like Experience: The system aims to offer services comparable to those of banks, allowing users to manage their accounts seamlessly without needing to visit EPFO offices or rely on employers.
With the launching of EPFO 3.0, Subscribers will be able to access their funds through their registered UAN (Universal Account Number) or linked bank accounts.
Digital Enhancements: EPFO 3.0 includes a revamped user-friendly website and mobile app for easier account management, claim filing, and fund transfers.
UPI Integration: Plans are underway to integrate PF withdrawals with digital payment platforms like UPI, enabling instant fund transfers.
Withdrawals will include multi-factor authentication, such as OTP sent to the registered mobile number, ensuring security and compliance with EPFO guidelines.
Self-Correction of Details: Subscribers can correct personal details independently without employer approval.
EPFO has already finalised a blueprint for UPI integration and the government plans to launch the EPFO 3.0 app by May or June this year. This app will allow users to check their PF balance, track transactions and make withdrawals with ease.
Benefits for Subscribers
Convenience: Quick access to funds through ATMs and digital platforms.
Efficiency: Reduced paperwork and faster claim settlements.
Flexibility: Enhanced pension system with potential for flexible contributions.
Overall, EPFO 3.0 is designed to streamline processes, enhance user convenience, and reduce administrative delays, providing a more user-friendly experience for millions of EPFO subscribers.