EPFO 3.0: If your provident fund (PF) money is deducted while you’re working at an organisation, the rules for withdrawing this amount are about to become much simpler. EPFO is now going to introduce a system for withdrawing money via UPI, which will provide significant benefits to employees. This means the process of withdrawing provident fund money will become much easier.
Currently, withdrawing PF money takes one to two weeks, but this will no longer be the case. The government is soon going to launch EPFO 3.0. Once launched, withdrawing PF money will become very easy. All the worries of the employees will be eliminated.
The New System Will Be Special
This is not just a new system for PF employees; it’s an effort to make PF services as easy as mobile banking. Through new portals, a central database, and features like UPI, the government wants to ensure that PF users don’t have to visit offices repeatedly. What services will be available in EPFO 3.0 that make it so special?
What Major Changes Will Be in EPFO 3.0?
EPFO 3.0 can be called the new generation of the PF system. Until now, the EPFO structure has relied on old software and scattered databases. Because of this, delays in claims, transfers, and corrections were common. With the new version, the entire technology will change; the EPFO system will be like a banking system. There will be a centralised platform, real-time processing, and a consistent experience regardless of which city you are in. EPFO will now become a smart digital service.
Faster PF Withdrawal
The biggest problem with PF claims is the time taken and objections raised. The new system is working on introducing AI-based auto-processing. This means that claims for advances for reasons like illness, education, or marriage will be automatically processed by a machine. If the claim is valid, the money can be released within 24 to 48 hours.
With less human intervention, unnecessary delays and rejections will also decrease. Users will no longer need to repeatedly upload documents or visit offices. This task, which previously took two weeks, will now be completed in just two days.
For your information, the portal is being completely revamped with EPFO 3.0. The current site experiences frequent issues with OTP login and loading times. Furthermore, interest is currently added only at the end of the year, and the updated balance is reflected then. In the new system, interest updates will be displayed in real-time. This will give users better control over their funds and make it easier to detect any errors quickly.