EPFO 3.0: The Employees’ Provident Fund Organization (EPFO) has announced a significant update for its members. On Thursday, March 6, Union Labor Minister Mansukh Mandaviya revealed that the EPFO will soon introduce the ‘EPFO 3.0 version.’ This new version will allow employees affiliated with EPFO to withdraw their provident fund directly from ATMs, similar to cash withdrawals using an ATM card. Additionally, several other features will be included in this update.
Mansukh Mandaviya stated that the EPFO will function similarly to a bank. Just as banking transactions are conducted, EPFO offices will operate in a comparable manner for employees. Each EPFO account holder will be assigned a Universal Account Number (UAN), which will facilitate all transactions.
Furthermore, Union Minister Mansukh Mandaviya emphasized that employees will no longer need to visit EPFO offices or seek approval from their employers to access their funds. Since the money is the employee’s own, they will have the freedom to withdraw it at their convenience.
Notable Features of EPFO 3.0:
ATM withdrawal capability – A notable enhancement in EPFO 3.0 is the ability for subscribers to withdraw their provident fund directly from ATMs, akin to withdrawing funds from a bank account. This improvement eliminates the need for visits to EPFO offices and reduces waiting times for accessing funds.
The revamped system will operate like a banking service. With the Universal Account Number (UAN), users will be able to perform various transactions swiftly and efficiently.
Enhanced service speed – The Union Minister indicated that EPFO services are being refined to better meet public needs, resulting in a decrease in user complaints. The organization is streamlining processes for fund transfers, claims processing, and updating customer information, making them quicker and more efficient.