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.
Big news for EPFO members! 🎉 Transfer your PF funds without employer approval and update personal details online with ease. Watch this reel to know how these new reforms will simplify your life! 👇pic.twitter.com/rwpP5yFKUm
— Nigel D’Souza (@Nigel__DSouza) January 20, 2025
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.
The #EPFO has introduced major changes to streamline processes for its 70 million subscribers, reducing approval delays and human intervention, announced Union Labour Minister @mansukhmandviya
Read here : https://t.co/AzVwZ8VgSy pic.twitter.com/QH2FZ6iIRT
— Hindustan Times (@htTweets) January 19, 2025
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.
