EPFO Update: If you or any member of your family is a PF employee, then the EPFO is about to share some good news. EPFO can make a big announcement for crores of members. The EPFO is set to launch a new digital platform 3.0 soon, which is generating a lot of enthusiasm among people.
Digital platform 3.0 will make it easier for PF employees to withdraw claims. Additionally, money can be withdrawn through an ATM. A few days ago, the Union Minister of Labour and Employment also gave some information related to this. More than seven crore families will be able to benefit. If EPF 3.0 is launched, the benefits that employees will receive are detailed below.
ATM and UPI will be helpful
EPFO is set to make its most significant change yet. In EPFO 3.0, ATM and UPI can also be used for withdrawing PF funds. It is believed that employees can also withdraw funds through UPI and ATM. This rule can be implemented soon. All the employees are also eagerly waiting for this.
How easy will the withdrawal be?
As soon as EPF 3.0 is launched, the process of PF withdrawal will become very easy and will pick up speed. There will be no need for manual work in this. Additionally, claim processing will be fully automated. Currently, the limit for auto-claim settlement has been increased to Rs 5 lakh. It was earlier Rs 1 lakh, but it has now increased to Rs 4 lakh.
This rule will also change.
Did you know that with EPFO 3.0, PF members can automatically update their name, date of birth, gender, nationality, parents’ names, marital status, and date of joining the job through their universal account number? For this, the PF employee will not need any other documents.
For your information, the EPFO has already implemented the centralised pension system. In this, pensioners have been given the facility they withdraw their pension from any bank branch in the country.