There is a big update revealed regarding EPFO 3.0. Union Labour Minister Mansukh Mandaviya announced on Thursday that the Employees’ Provident Fund Organisation (EPFO) is set to roll out the “EPFO 3.0 version,” which will let subscribers withdraw funds from ATMs effortlessly and introduce a bunch of new features.
Employees won’t have to step into the EPFO office or contact their employer to access their EPF accounts anymore. Instead, they can use their Universal Account Number (UAN) to make transactions just like they would with a bank account, according to the minister.
While inaugurating the new EPFO regional office complex in Telangana, the minister highlighted that the ‘EPFO 3.0 version’ aims to offer banking-like services to employees. He mentioned that with this upgrade, EPFO will function similarly to a bank.
Key Features of EPFO 3.0:
ATM withdrawal option – A major update in EPFO 3.0 is the ability for subscribers to withdraw their provident fund directly from ATMs, just like they do with their bank accounts. This means no more long waits at EPFO offices to get their money.
EPFO will operate like a bank – The revamped system will provide banking services. With the Universal Account Number (UAN), users can perform various transactions quickly and smoothly.
Faster and more efficient services – The Union Minister noted that EPFO is enhancing its services to better meet public needs, which is helping to reduce user complaints. The organization is streamlining fund transfers, claims processing, and updating customer information to make everything quicker and easier.
Improved services for seniors
The updated system will enable retirees to take out their money from any bank, making it easier and more convenient for them.
Withdraw Anytime, Anywhere – Right now, retirees need to go to the EPFO office to get their funds. But with the new system in place, they’ll be able to access their cash whenever they need it.