There is good news for EPFO members. EPFO has shared exciting news with its members by announcing the launch of EPFO 3.0 for the new year. Union Labor and Employment Minister Mansukh Mandaviya has now provided details on when this service will be available. He also mentioned when members can expect to receive ATM cards for withdrawing EPFO funds and the limits on contributions that can be accessed.
According to Minister Mandaviya, the rollout of the EPFO mobile app and ATM card services for subscribers is targeted for May-June this year. He noted that the current focus is on upgrading EPFO 2.0, with significant improvements to the entire IT system expected to be completed by the end of January.
When can we expect the mobile app?
Regarding the EPFO mobile app launch, the Union Minister stated that the EPFO 3.0 app will be introduced by May-June, following the IT system upgrade. This app will provide EPFO subscribers with access to banking services, and notably, it will centralize the entire system, making the claim settlement process much simpler.
How much money can you take out?
According to information from the Ministry of Labor, discussions are currently underway between the Reserve Bank and the Finance Ministry regarding the banking services of EPFO 3.0. This will enable individuals to receive debit cards and withdraw cash from ATMs.
When it comes to the amount that can be withdrawn, it’s important to note that people won’t be able to access their entire contribution through the ATM card; there will be a withdrawal limit in place. The key change is that individuals will no longer need EPFO’s approval to access their funds. This initiative by the government is set to greatly benefit EPFO subscribers, as it eliminates the need to fill out online forms for withdrawals.
