EPFO 3.0 Update: Government Introduces New Facilities, from Mobile App to PF ATM Card—Details Inside

By

Avijit Das

If money from your earnings is deposited into your PF account every month, this news is for you. The EPFO manages the PF accounts of employees. To provide better facilities and simplify the withdrawal process, a new system called EPFO 3.0 is being introduced. In this article, we provide information on the facilities and new features that will be available under EPFO 3.0.

New Mobile App for Easy Access

A new mobile app will be launched under EPFO 3.0. Through this app, employees can easily check their PF account balance. Additionally, claiming funds will become much simpler. Currently, claiming money from the PF account requires filling out an online application, which can be complicated. However, with the new app, employees will be able to make claims with ease.

ATM Card Facility for PF Withdrawals

Under EPFO 3.0, employees will also receive a new facility to withdraw money from their PF accounts. They will be provided with a card similar to an ATM card, allowing easy withdrawals from the nearest ATM. However, a withdrawal limit will be set, and members will only be able to withdraw a certain amount from their PF account at a time.

EPFO 3.0 vs Existing System

Employees have raised many complaints about the current system, especially regarding the lengthy process of withdrawing and claiming money from their PF accounts. EPFO 3.0 is expected to be much more efficient, making it easier for employees to access their PF funds. Currently, it takes 7-10 days to receive money after filing a claim, but with EPFO 3.0, this process will be significantly improved.

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