If you are a jobholder and have an account with the Employees’ Provident Fund Organization (EPFO), then there is some great news for you. Now the process of withdrawing money from the PF is going to change completely. A new system named ‘EPFO 3.0’ is going to start soon, after which withdrawing, transferring, and checking the balance from the PF account will become a piece of cake. These changes will give great relief to millions of employees and will further strengthen their financial security. Let’s know what the 5 big changes are going to happen under EPFO 3.0.
Instant PF withdrawal from UPI and ATM
Now one has to apply online to withdraw PF money, and it takes several days to get approval. But after EPFO 3.0, you will be able to withdraw up to ₹ 1 lakh instantly through a bank ATM or UPI apps. This facility will be very useful in an emergency, when you need money immediately.
Automatic PF transfer on changing jobs
Currently, a separate application has to be made to transfer the PF amount to the new account when changing jobs. This process is often delayed and troublesome. After the new system is implemented, this process will become automatic. As soon as you join a new company, your PF account will automatically be linked to the new employer.
Facility to update and check the balance instantly
Currently, there is a delay in updating the contribution amount and balance in the PF account. After EPFO 3.0, your PF balance will be updated in real time just like a bank account. You will be able to check your balance instantly on your mobile app or portal at any time.
Better mobile app and portal
EPFO’s existing mobile app and website will be made even more user-friendly and useful. Claim status, balance check, and other services can be easily accessed. Processes like Aadhaar link and KYC will also now become completely digital and easy, which will increase the scope of online services.
Transparent pension services
A major goal of EPFO 3.0 is to make pension-related services digital and transparent. Claim rejections, delays in processing, and KYC-related problems are expected to be resolved with this new system. All these changes will be a big step for PF account holders, which will make their lives even easier.