EPFO Update : Major news for EPFO members. Union Labour and Employment Minister Mansukh Mandaviya on Friday said the Employees’ Provident Fund Organisation (EPFO) is set to undergo a major digital transformation to improve services for over 9 crore beneficiaries, with version 3.0 scheduled to be launched by May or June.
Mandaviya said in an interview that in the coming days, EPFO beneficiaries will be able to withdraw funds from ATMs due to faster processing of claims on the new version 3.0. He said the EPFO will soon implement version 3.0 with the help of a robust IT platform to provide seamless and simplified services including auto-claim settlement, digital correction and fund withdrawal from ATMs. The aim of this change is to make EPFO accessible and efficient.
Many features will be available in the new version
According to Mandaviya, the new version will eliminate the need for complex and lengthy form filling process or visiting EPFO office for claims and corrections. Beneficiaries will be able to update their EPFO accounts and mandates using OTP verification and easily monitor their pension rights or withdraw funds. He said that due to faster settlement of claims, the amount will be available in the subscriber’s bank account soon.
He said that EPFO currently has a fund of Rs 27 lakh crore with sovereign guarantee and it earns 8.25 percent interest. The minister said that the government is also considering the integration of various social security schemes including Atal Pension Yojana, Pradhan Mantri Jeevan Bima Yojana and Shramik Jan Dhan Yojana to streamline and strengthen pension coverage.
You will get the benefit of Ayushman Bharat scheme
To increase access to healthcare for workers, Mandaviya said beneficiaries under the Employees’ State Insurance Corporation (ESIC) will soon be able to get free medical treatment in hospitals listed under the Ayushman Bharat scheme. In addition, private hospitals run by designated charities will also be brought under its ambit to expand social security coverage. Currently, ESIC provides free treatment to about 18 crore people through 165 hospitals, over 1,500 dispensaries and about 2,000 listed hospitals.