EPFO Set to Launch ‘EPFO 3.0’, Enabling Direct PF Withdrawals from ATMs
In a groundbreaking move aimed at enhancing convenience for Employees’ Provident Fund (EPF) subscribers, the Employees’ Provident Fund Organisation (EPFO) is set to roll out its new system, ‘EPFO 3.0’. The system will allow subscribers to withdraw their provident fund (PF) directly from ATMs, providing banking-like ease and efficiency.
Union Labour Minister Mansukh Mandaviya announced this initiative during an event in Hyderabad, highlighting that the upgraded system would revolutionize the way EPF transactions are conducted. He emphasized that EPFO 3.0 would offer digital features that ensure quicker and more streamlined transactions, eliminating the need for visits to government offices or employer approvals.
“In the coming days, EPFO 3.0 will be launched. This means the EPFO will become equivalent to a bank. Just like you make transactions at a bank, with your Universal Account Number (UAN), you will be able to do all your work,” Mandaviya stated.
This major update is aimed at significantly improving the user experience by making PF withdrawals faster and more accessible. Subscribers will now be able to withdraw their funds through ATMs, just like withdrawing money from a bank account, using their UAN. The exact withdrawal limits for PF transactions via ATMs are yet to be clarified.
Currently, accessing PF funds involves cumbersome paperwork and a lengthy processing time. EPFO 3.0 intends to overhaul this by enabling users to carry out their transactions, claim settlements, and pension transfers with much greater ease and speed.
The EPFO has made notable strides in reforming its systems in recent years, with complaints about services significantly decreasing. New features, including faster claim processing, name correction options, and pension withdrawals from any bank, have already been implemented.
Mandaviya also revealed that the government plans to launch the EPFO 3.0 app by May or June of this year. The app will provide subscribers with the ability to check their PF balance, track transactions, and make withdrawals conveniently.
“This upgrade ensures that the money in these accounts, which belongs to the employees, can be accessed anytime and anywhere without unnecessary delays,” the minister added.
With EPFO 3.0, employees will experience a new level of ease and control over their retirement funds, marking a significant advancement in India’s digital financial services.
