The Employees Provident Fund Organization (EPFO) is now going to make a very big digital change for its more than the 9 crore EPFO members. EPFO 3.0 will be launched between May-June 2025. With this new system, PF claims will be settled faster and users will be able to withdraw PF directly from the ATM. This facility will free PF members from filling out forms and visiting offices.
Amazing facilities like ATM withdrawal and auto-claim
EPFO 3.0 will have many features that will make PF-related facilities very easy and digital. These include facilities like PF withdrawal directly from ATM and auto-claim settlement. Now the long process and wait for withdrawing PF is about to end!
The process is made very simple with OTP-based authentication
Now there will be no need to fill the any long form for the PF withdrawal from EPFO. The claim process will be processed automatically and the money will come to your bank account quickly. Also, users will be able to easily make changes in their account details, nominee or other changes through OTP from mobile.
Big changes will come for PF members
According to Union Labour and Employment Minister Mansukh Mandaviya, the new system of EPFO will not only make the work related to PF digital and simple but will also save people’s time and effort. In the new version, emphasis has been laid on improving the user experience, so that the user can do any process related to PF on his own.
EPFO fund of ₹ 27 lakh crore, with 8.25% interest
EPFO currently has a fund of about ₹ 27 lakh crore and it pays interest of 8.25% every year. In the financial year 2024-25, EPFO has collected ₹ 3.41 lakh crore, which has come through more than 1.25 crore e-challans.
Pensioners will also get tremendous benefits
Due to EPFO as well as Centralized Pension Payment System, now more than 78 lakh pensioners can receive pension in any bank account. Previously this withdrawal facility access was limited to the concern zonal banks only.
Let us tell you that the after the new arrival of EPFO 2.01 update, the number of the complaints in EPFO was halved. Now with the arrival of EPFO 3.0, there is a preparation to make these services even easier and self-service based.
The government’s new initiative to bring all schemes on one platform
Along with this digital upgrade of EPFO, the government is trying to bring social security schemes like Atal Pension Yojana, PM Jeevan Jyoti Bima Yojana and the Shramik Jan Dhan Yojana on the single platform, so that all users can also get the more benefits.
A shower of good news for ESIC and gig workers too
Mansukh Mandaviya also said that now people covered under ESIC will be able to get treatment under the Ayushman Bharat scheme, which will also include private and charity hospitals. The Employees’ State Insurance Corporation (ESIC) is currently providing services to about 18 crore people. Also, gig and platform workers (such as food delivery, cab drivers, etc.) are being brought under the ambit of social security.
Recently, the government has signed a memorandum of understanding (MoU) with Swiggy, which will list delivery and logistics jobs on the National Career Service Portal. This is expected to create about 12 lakh new jobs in the next 2-3 years.
