EPFO 3.0 Update: EPFO 3.0 is set to launch soon in India, bringing significant benefits for provident fund (PF) subscribers. EPFO 3.0 will simplify several processes for employees, including the PF withdrawal process. Employees will be able to easily transfer their funds via UPI.
Most of the processes will become digital. PF subscribers will no longer need to submit applications for withdrawals. Preparations for the technology upgrade are almost complete. These changes aim to simplify and expedite the services provided to millions of members across the country, including those in the unorganised sector.
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What is EPFO 3.0?
EPFO 3.0 is a new portal. It will also involve a transition to new backend software and a core banking solution, similar to how net banking works today. EPFO will move to a centralised system, allowing members to resolve their issues at any EPFO office, regardless of where their account is registered.
According to EPFO reports, there are approximately 8 crore active members, managing a fund of nearly ₹28 lakh crore. EPFO transfers interest amounts to PF subscribers every year.
Who will benefit the most?
The new Labour Code is expected to bring more employees under the ambit of social security. EPFO is preparing for a much larger user base.
It may also be entrusted with the responsibility of managing a separate fund forunorganisedd workers, in addition to the proposed social security fund for gig and platform workers. The system is being designed to handle higher volumes, more transactions, and diverse member profiles.
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According to officials, the current system is only undergoing minor upgrades, while EPFO 3.0 will be a completely new system designed to meet long-term needs.
The government will pay interest.
PF (Provident Fund) employees are provided with interest every year, ensuring there are no difficulties. In the last financial year, 2024-2025, an interest rate of .per cent was provided. The upcoming financial year may see an interest rate of 8per centcent approved. This will result in a substantial amount being transferred to PF employees’ accounts, providing significant relief. PF employees can easily check their account balance.