There is good news for millions of salaried employees in the country. The Employees’ Provident Fund Organization (EPFO) is going to launch EPFO 3.0 soon. This will make withdrawing money from the Provident Fund (PF) account very easy and fast.
Earlier, to take money from PF, people had to go to the online portal, fill a form, and then wait for the money to reach their bank account. This process was slow and tiring. Now, under EPFO 3.0, things will become simple. Employees will be able to withdraw money directly through an ATM card or transfer up to ₹1 lakh instantly from their PF account using a UPI app.
PF transfer will be automatic in new job
Earlier, when you changed jobs, you had to apply separately to transfer money from your old PF account to the new one. This process took time and was often complicated. Now, in EPFO 3.0, this work will be automatic. Whenever you join a new company, your PF account will be linked with your new employer. This will make the transfer quick and hassle-free.
Easy apps, pension and digital verification
The EPFO website and mobile app will become easier to use. You can check your PF balance, claim status, and other details in minutes.
EPFO 3.0 will also improve pension services. All pension-related work will go digital, so employees can get their services faster with less trouble.
Digital verification will also become simple. Employees will be able to link Aadhaar and other documents online without problems. PF balance will update in real time, just like a bank account.