There is a major update for EPFO members. Big news for the millions of Employees’ Provident Fund (EPF) members out there! The government is gearing up to roll out the highly anticipated EPFO 3.0 by June 2025. This upgrade is all about boosting efficiency, making things more accessible, and improving the overall user experience for managing retirement savings.
Cool new features and easier access
Union Labour Minister Mansukh Mandaviya shared that EPFO 3.0 will introduce a bunch of features designed to simplify EPF processes. One standout aspect will be a revamped website that’s super user-friendly, so members can easily navigate and handle their accounts.
This new system aims to deliver a level of efficiency comparable to banking systems in India, giving employees smooth access to their retirement funds.
ATM cards for EPF members
One of the most exciting updates coming with EPFO 3.0 is the launch of ATM cards for EPF members.
Once this feature is live, employees will have the ability to withdraw their EPF savings straight from ATMs, making it way easier to access funds during financial crunches. The first phase of the website and system upgrade is set to wrap up by the end of January 2025.
How does this work?
Based on the information provided, the ATM card will function similarly to a debit card, and it will be connected to the member’s PF account. To access funds, the member needs to visit an ATM that allows EPFO withdrawals. They will then need to enter their card and PIN. Once completed, the money will be withdrawn from the account instantly. This system offers the advantage of immediate access to funds for PF account holders, allowing them to withdraw money at any time, day or night. Additionally, the heir of a deceased EPFO subscriber may also use the ATM to withdraw funds once the claim has been settled.