The Employees’ Provident Fund Organisation (EPFO) has just rolled out EPFO 3.0, a major upgrade that’s set to transform how the retirement fund organization serves its 7 crore members. Union Minister Mansukh Mandaviya confirmed that this new system will be live by June and aims to boost efficiency while providing a smoother experience for users.
So, what’s new with EPFO 3.0 compared to the current setup?
EPFO 3.0 brings some significant improvements, particularly in the speed of PF withdrawals and overall user experience. Right now, EPF members typically wait about 7 to 10 days to get their money after submitting withdrawal requests, whether online or offline. Plus, they have to get their employer’s approval before they can even start the process.
With the introduction of EPFO 3.0, members will be able to make ATM-enabled withdrawals, which means they can access their funds much faster.
On the user experience side, employees currently use the Universal Account Number (UAN) portal or the UMANG app to manage their EPF accounts. The new initiative will take this a step further by digitizing and streamlining processes, making everything more user-friendly and efficient.
Will there be any limits on how much you can withdraw under EPFO 3.0?
While the new system allows for ATM withdrawals, there will still be some limits on the amount you can access. Unlike the current process, which requires approval for withdrawals, the new system will automate everything, so you won’t have to deal with long online forms.
However, members won’t be able to withdraw all their savings at once. The EPFO will set limits to ensure that funds are used wisely and remain available for members’ long-term needs.
Top features of EPFO 3.0
Mobile app launch: The new EPFO mobile app will make it super easy to manage your provident fund account. You’ll be able to check your balance, file claims, and more, all in one place, saving you time and hassle.
ATM card for EPF withdrawal: For the first time, EPFO members will have the option to withdraw funds directly from ATMs.
