Synopsis
The EPFO is launching 'EPFO 3.0', a new system that allows subscribers to withdraw their provident fund directly from ATMs, enhancing convenience and efficiency in accessing their funds without needing approvals or paperwork.Key Takeaways
- EPFO 3.0 enables ATM withdrawals of PF funds.
- Improves user experience with banking-like features.
- Universal Account Number (UAN) simplifies account management.
- Reduces the need for government office visits.
- EPFO app to launch by May/June for easier transactions.
Hyderabad, March 7 (NationPress) The Employees’ Provident Fund Organisation (EPFO) is preparing to roll out a groundbreaking initiative named 'EPFO 3.0', enabling subscribers to withdraw their provident fund (PF) directly from ATMs.
Union Labour Minister Mansukh Mandaviya revealed this development at an event in Hyderabad, highlighting that the new system will provide banking-like convenience alongside various digital features to streamline transactions.
"In the near future, the EPFO 3.0 version will be launched. This signifies that the EPFO will function similarly to a bank. Just like transactions occur in a banking environment, you (EPFO subscribers) will have your Universal Account Number (UAN), allowing you to manage all your needs," Mandaviya stated.
EPFO 3.0 represents an enhanced iteration of the current system, aimed at expediting and simplifying the withdrawal process.
With this advancement, EPFO members will be relieved from the necessity of visiting government offices or obtaining approvals from employers to access their PF funds.
Instead, they will have the capability to withdraw their funds through ATMs, akin to withdrawing cash from a bank account.
Subscribers will manage their accounts utilizing their Universal Account Number (UAN). The withdrawal limit from ATMs has not yet been disclosed.
At present, accessing PF funds involves extensive paperwork and lengthy processing times. EPFO 3.0 seeks to transform this by streamlining fund withdrawals, claim settlements, and pension transfers.
The EPFO has been implementing numerous reforms to enhance user experience. Complaints regarding EPFO services have diminished, and new features such as expedited claim processing, name correction options, and pension withdrawals from any bank have already been introduced.
The government intends to unveil the EPFO 3.0 app by May or June this year. This application will facilitate users in checking their PF balance, tracking transactions, and making withdrawals effortlessly.
The minister stressed that as the funds in these accounts belong to employees, they should have the liberty to access them anytime and anywhere without unnecessary delays.
