EPFO 3.0 Updates: The fortunes of PF employees are set to improve now. The government is now going to implement a change that will make it very easy to withdraw money. It is expected that from June, PF employees will be able to withdraw their PF money. The new rule is expected to be implemented soon by the EPFO. More than six crore employees will benefit from this.
Union Labour and Employment Minister Mansukh Mandaviya has shared big news. According to the Labour Minister, account holders will have the facility of digital correction, auto-claim settlement, and ATM withdrawal on the new platform. With this, the process will become easy and fast. There is no need to go to the EPFO office to withdraw PAP.
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EPF 3.0 will provide an excellent facility
According to Mansukh Mandaviya, the EPFO 3.0 version services will become much easier than before. It will be implemented as part of the new IT system. In addition to easy viewing of pension or withdrawal information, the account holder will also have the facility to update their data through OTP verification.
The government, however, provides an interest amount to PF employees annually. The government has announced interest for the financial year 2024-2025. More than 78 lakh pensioners benefit from the already implemented centralised pension payment system. This will continue to provide them the facility to receive pension in any bank account across the country.
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Will not have to visit the office
As soon as the EPFO 3.0 version is implemented, there will be no need to visit the ATM to withdraw PF money. PF employees can easily withdraw cash by reaching the ATM. Currently, it takes 10 to 15 days to process a claim withdrawal. After the release of version 3.00 of EPFO, there will be a significant time savings. If PF employees want to check their balance, then the Umang app or the missed call and SMS method will prove to be effective.
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