EPFO 3.0: EPFO is continuously enhancing its services, and in this regard, it has launched the EPFO 3.0 update. This digital advancement will enable individuals to manage their Provident Fund accounts more efficiently.
Bank like service
Users will now have the capability to withdraw funds from their PF accounts in a manner akin to banking services, with instant withdrawals eliminating the need for lengthy queues. This initiative was announced by Union Labor Minister Mansukh Mandaviya.
Process of withdrawing money will be simplified
With the introduction of EPFO 3.0, users will experience banking-like conveniences, particularly the alleviation of long wait times. The process of withdrawing money will be simplified, as users will no longer need to visit the EPFO office to access funds via ATMs. This innovation allows for a more streamlined experience, freeing users from the necessity of physically going to the EPFO office and waiting in line. The EPFO is providing this significant facility, and Mansukh Mandaviya emphasized that users will no longer rely on passbooks, as all transactions can now be conducted online. Funds will be accessible directly through ATMs, eliminating the delays associated with filling out physical forms.
Universal Account Number
The process will be facilitated using the Universal Account Number (UAN), empowering employees to manage their funds independently, rather than depending on their employers. This shift promotes direct account management, emphasizing a fully digital process supported by essential documents such as Aadhar cards and PAN. By utilizing this service, users will gain autonomy over withdrawals and related transactions, with a comprehensive procedure in place for authorizing payments, processing claims, and updating personal information, ultimately saving considerable time.