The Employees Provident Fund Organization (EPFO) is set to introduce a major change in the PF withdrawal process. With the launch of ‘EPFO 3.0’, members will soon be able to withdraw their Provident Fund (PF) directly from ATMs. This new system aims to make the process faster and hassle-free. In this article, we will share all the details about this upcoming facility.

Major Announcement by Union Labor Minister

Union Labor Minister Mansukh Mandaviya made an important announcement during a program in Hyderabad. He stated that the new EPFO 3.0 system will provide banking-like facilities along with several digital services to make transactions easier. Mandaviya said, “EPFO 3.0 will be introduced soon. This will make EPFO work like a bank. Just like you do transactions using a bank account, EPFO customers will use their Universal Account Number (UAN) to manage their funds.”

Key Features of EPFO 3.0

  1. PF Withdrawal from ATM – Employees will soon be able to withdraw their PF directly from ATMs, just like withdrawing money from a bank account.
  2. No Need to Visit Offices – Members will no longer have to go to government offices or wait for employer approvals.
  3. Faster & User-Friendly Process – The withdrawal process will become simpler, removing unnecessary delays and paperwork.
  4. Complete Account Control – Customers will be able to manage their PF balance and transactions using their UAN.

Current Drawbacks in PF Withdrawal

  • The current system requires lengthy paperwork and takes a long time to process.
  • Employees need approval from their employers before withdrawing their PF.

Government’s Plan for EPFO 3.0

The government aims to launch the EPFO 3.0 app by May or June this year. This app will allow users to:

  • Check your PF balance anytime.
  • Track transactions easily.
  • Withdraw money without delays.

Freedom for Employees

The minister emphasized that since the money belongs to the employees, they should have the freedom to access it anytime, anywhere, without delays. EPFO 3.0 is a major step towards providing seamless financial access to workers across the country.