EPFO 3.0: There is great news for crores of employees associated with the Employees’ Provident Fund Organization (EPFO). Soon EPFO is going to launch a new digital system – EPFO 3.0, which will make withdrawing money from PF, updating data and claim settlement easier and faster than ever.
What is EPFO 3.0?
Union Labor and Employment Minister Mansukh Mandaviya informed on Friday that the new version of EPFO can start from May-June 2025. More than 9 crore account holders will get direct benefit from this digital upgrade.
How much fund and how much interest?
According to Minister Mandaviya, EPFO has a fund of Rs 27 lakh crore and it gives 8.25% interest to the account holders, which is considered a strong return in the current times. Now more than 78 lakh pensioners are getting money directly in any bank account in the country. Like before, it is not necessary to have an account only in regional banks. The government is soon going to link ESIC with Ayushman Bharat Yojana, so that workers can get free treatment in listed hospitals. Also, private charitable hospitals will also be included in this system.
EPFO 3.0 is not just a technical change, but a gift of relief for crores of employees. From withdrawing money to getting pension and health care – now everything will be fast, transparent and easy.