EPFO: The Employees’ Provident Fund Organisation (EPFO) is all set to launch a new phase of its reforms, dubbed EPFO 3.0. This announcement comes shortly after the retirement fund body relaxed withdrawal rules and proposed a UPI-linked withdrawal facility. The Indian Express reported, quoting an official, that EPFO 3.0 will include a new portal and new backend software through which these changes will be implemented over the next decade. The official said in the media report that the new EPFO 3.0 will also include AI-based language tools, making services more accessible to members.
What will EPFO 3.0 look like?
The changes being implemented under EPFO 3.0 will significantly reform the organization’s structure. It will move towards a core banking solution, expanding its scope to meet the needs of workers in both formal and informal sectors after the implementation of the new labor code. The core banking solution is said to be a key feature of EPFO 3.0, enabling centralized operations similar to banks, where customers can resolve their problems anywhere in the country. According to an Indian Express report, the EPFO may also gain control over the administration of retirement funds for gig and platform workers.
The official, quoting media reports, said that EPFO 3.0 will involve a complete overhaul, implementing a new structure, and a core banking solution at the backend. “We will be able to meet the needs of all workers, both formal and informal, taking into account the increase in workload. The entire system, including the portal, will undergo changes. Currently, the changes are being implemented in phases. The next phase will address all future needs.” The EPFO currently has approximately 80 million active members and a fund of over Rs 28 lakh crore.
AI-based language tool
Another new feature of EPFO 3.0 will be an AI-based language tool, designed to help members resolve issues in their mother tongue. “We will use local language tools like Bhashini to provide information in local languages,” the official was quoted as saying in a media report. Bhashini is an AI-based language translation platform developed by the Ministry of Electronics and Information Technology.
EPFO 3.0 to be launched soon
Development work under EPFO 3.0 is expected to begin soon, as the retirement body is in the final stages of preparing a tender to select a company that will implement, operate, and maintain the IT platform for the EPFO’s revised structure. The official said the tender is almost ready, and financial due diligence is underway. It will be issued soon.