If you're a PF depositor with your company, this is very important news for you. The Employees' Provident Fund Organization (EPFO) is implementing major changes to its IT system, known as EPFO ​​3.0. The primary objective of this new system is to make PF-related services faster, easier, and digital.

Claims up to ₹5 lakh to be settled in 3 to 4 days:
According to reports, the target for settling advance claims of up to ₹5 lakh for reasons such as illness, marriage, home purchase, etc. under EPFO ​​3.0 could be 3 to 4 days. Once eligibility and necessary documentation are met, claims could be digitally verified, and the use of auto-settlement could be expanded. However, an official final decision on this proposal has not yet been made.

The EPFO ​​system will be cloud-based.
Currently, because EPFO ​​information and processes are connected to servers at different regional offices, the portal often experiences technical issues or server outages. The new EPFO ​​3.0 system is planned to be cloud-based and more centralized. Therefore, online services are expected to be more stable and faster.

Can PF be withdrawn through ATM and UPI?

To expand the EPFO's digital capabilities, it is said that the option of withdrawing PF funds through ATMs and UPI is also being considered. This feature could be especially useful for medical emergencies or small advances. However, this feature has not yet been implemented. Official rules and procedures are yet to be announced.

Why the delay in launch?

Some features of EPFO ​​3.0 were initially slated for launch in July. However, the launch was postponed due to website and technical system issues. After August, some features are now expected to be launched in September. A final decision on the launch date and features cannot be made until an official announcement from the EPFO.

PC;:Rochak Khbare