The Employees Provident Fund Organization (EPFO) has now moved forward in the direction of providing more digital facilities to the employees. EPFO is soon going to launch its new platform EPFO 3.0, which will be a system providing modern technology and fast service.
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IT companies have the responsibility
The government has entrusted the responsibility of development and maintenance of this platform to leading IT companies like Infosys, Wipro, and TCS. The goal of these companies is to make the platform more secure, reliable, and easy for employees.
PF withdrawal from the ATM and UPI
The biggest feature of this new platform will be that employees will be able to withdraw directly from their PF account through ATM and UPI. This facility will be like a bank account and will prove to be very useful in sudden financial needs. For this, Universal Account Number (UAN) and Aadhaar linking will be mandatory.
Online claim and correction facility
Through EPFO 3.0, employees will be able to make minor corrections online themselves. Now they will not have to visit offices to change the name, date of birth, or other details. Claims can also be tracked completely digitally.
Better digital experience
The new platform will give real-time balance and contribution information to the employees. Its interface will be user-friendly, so that every employee can easily access their information.
Immediate settlement of the death claim
EPFO has also recently decided that the claim will be settled immediately in case of death. A guardianship certificate will no longer be required if a minor is nominated. This will provide quick financial assistance to the family.
Why was the launch delayed?
EPFO 3.0 was to be launched in June 2025, but it was delayed due to technical testing and improvements. At present, the ministry and the organization are engaged in making it more effective for the employees. It is expected that this facility will be available in the coming months.
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Recent reforms of EPFO
EPFO has been continuously improving digital services for some time now. Steps like Aadhaar-based KYC process, online correction facility, and automatic PF transfer on changing jobs have already been implemented. EPFO 3.0 will take these reforms a step further.