EPFO 3.0 Launch: There is great news for the employees and account holders of the Employees Provident Fund Organization (EPFO). The central government is preparing to launch EPFO 3.0 on the lines of PAN 2.0. With this, users will be able to withdraw PF funds from ATM and UPI as well! Many facilities like this will be available digitally.
This step will not only make PF-related transactions extremely easy and convenient but will also increase transparency and efficiency. This will prove to be a revolutionary change for more than 9 crore EPF account holders.
When will it be launched and what is its purpose
Recently Union Labor and Employment Minister Mansukh Mandaviya said that the EPFO 3.0 platform will start by June 2025. The purpose of this new system is to provide better and faster services to more than 9 crore EPF account holders, so it is likely to be launched in the month of June. This will make it easier to improve the account from PF, withdraw money for the settlement of complaints, update data, and settle claims. This is another significant milestone for Digital India.
How will you get benefits in EPFO 3.0
Under the EPFO 3.0 program, EPFO will soon provide an ATM withdrawal facility for its members. In this, the ATM card will work exactly like a debit card. To withdraw money, you first need to link your UAN, verify the OTP, and then withdraw the cash.
Apart from this, users will also be able to make changes to their account details, nominees, or other changes through OTP from their mobile itself. Through this card, they will be able to avail of facilities like balance checks, and cash withdrawals just like debit cards and credit cards. However, only up to ₹1 lakh can be withdrawn through ATM and UPI. This facility will give more power to your hands.
Account details will also become easy to correct
The special thing is that with EPFO 3.0, members will be able to update details like name, date of birth, gender, nationality, parents’ name, marital status, and date of starting job online through their Universal Account Number (UAN). That is, members will not need any other documents.
Under the EPFO 3.0 system, members will also be able to correct errors such as employee name, date of birth, mobile number, and permanent address in their accounts through online mediums. For this, there will be a facility of OTP verification, which will eliminate the need to fill the old form This is a big relief that will reduce paperwork and speed up the process.