What is EPFO 3.0? What is the new version of EPFO? You can withdraw PF from ATM in a few seconds; know the government's plan
The Employees' Provident Fund Organisation (EPFO) is going to bring a big change for its members. Union Labor Minister Mansukh Mandaviya has announced that the EPFO will soon launch the "EPFO 3.0" version, which will allow employees to withdraw money directly from their Provident Fund (PF) account through ATM.
The Employees' Provident Fund Organisation (EPFO) is going to bring a big change for its members. Union Labor Minister Mansukh Mandaviya has announced that the EPFO will soon launch the "EPFO 3.0" version, which will allow employees to withdraw money directly from their Provident Fund (PF) account through ATMs. This new facility will make the EPFO like a banking system, allowing members to easily manage their account using their Universal Account Number (UAN).
This initiative is being brought to make EPFO services more modern and convenient. The government is emphasizing on making the processes simple, fast and digital through this upgrade, so that employees can get more control over their retirement savings.
Key features of EPFO 3.0
Many new features will be added under EPFO 3.0, which will make fund management easier and more effective for employees. Let us know about some of its key features:
PF withdrawal through ATM: The biggest change in EPFO 3.0 is that members will now be able to withdraw money directly from their PF account with the help of ATM cards. This will give employees instant fund access and reduce the time taken in the withdrawal process.
Fast track withdrawal process: Currently, PF withdrawal takes 7 to 10 days, which sometimes requires verification from the employer. In the new system, this process will become much faster, so that employees will be able to get money without any delay.
Digital and paperless process: In EPFO 3.0, all services will be digitalized, eliminating paperwork. Through the online system, members will be able to easily manage their accounts, check balances, and avail themselves of other services.
Improved customer service: According to the government, the number of complaints in EPFO is already declining, and this new upgrade will further improve the services. This will include improved digital platforms and customer support facilities.
Benefits of EPFO 3.0
The biggest advantage of EPFO 3.0 will be that employees will not need to go to the bank in case of sudden need. They can withdraw money from their PF account directly from the ATM. With the improvement in the digital platform, employees will be able to easily see their account information and make changes as per their need. The EPFO 3.0 system will be completely secure and all transactions related to it will be fast and transparent.
When will EPFO 3.0 be implemented?
As per the government's plan, EPFO 3.0 will be launched by mid-2025. At present, it is in the development and testing phase, and more details will be shared as the launch date approaches. EPFO 3.0 will provide more convenience, faster service and better digital experience to the employees. This will make it easier to use EPF account-like banking services, benefiting millions of employees.
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