Hyderabad: The Employees’ Provident Fund Organisation (EPFO) is set to introduce a new system called ‘EPFO 3.0’, which will allow subscribers to withdraw their provident fund (PF) directly from ATMs.
Union Labour Minister Mansukh Mandaviya announced this update at an event in Hyderabad, saying that the new system will offer banking-like convenience along with several digital features to make transactions easier.
“In the coming days, the EPFO 3.0 version will come. This means the EPFO will become equivalent to a bank. Like transactions are carried out in a bank, you (EPFO subscribers) have your Universal Account Number (UAN), and you will be able to do all your work,” Mandaviya said.
EPFO 3.0 is an improved version of the current system, designed to make the withdrawal process faster and more user-friendly.
With this upgrade, EPFO members will no longer have to visit government offices or get approvals from their employers to access their PF money.
Instead, they will be able to withdraw their funds through ATMs, just like withdrawing cash from a bank account.
The subscribers will be able to manage their accounts using their Universal Account Number (UAN). It is not clear yet what limit will be set for PF withdrawals from ATMs.
Currently, withdrawing PF money involves paperwork and takes a long time to process. EPFO 3.0 aims to change this by making fund withdrawals, claim settlements, and pension transfers much simpler and quicker.
The EPFO has been making several reforms to improve user experience. Complaints about EPFO services have decreased, and new features like faster claim processing, name correction options, and pension withdrawals from any bank have already been introduced.
The government plans to launch the EPFO 3.0 app by May or June this year. This app will allow users to check their PF balance, track transactions, and make withdrawals easily.
The minister emphasised that since the money in these accounts belongs to the employees, they should have the freedom to access it anytime and anywhere without unnecessary delays.
(IANS)
