Employees’ Provident Fund Organisation (EPFO) is gearing up for a major digital overhaul with the launch of EPFO Version 3.0, expected by May or June 2025.
Union Labour and Employment Minister Mansukh Mandaviya has announced the launch of an upgraded platform.
It will feature ATM-based withdrawals, auto-claim settlements, and other simplified services.
The initiative aims to enhance accessibility for over nine crore EPFO beneficiaries. It also focuses on improving efficiency in provident fund services.
It represents a major change in how provident fund subscribers handle their savings.
Key Features of EPFO 3.0
The upcoming EPFO Version 3.0 promises several groundbreaking features designed to streamline processes and improve user experience:
- ATM-Based Withdrawals: Subscribers will soon have the ability to withdraw their provident fund savings directly from ATMs. This will remove the need for lengthy paperwork or visits to EPFO offices.
- Auto-Claim Settlements: The new system will replace manual claim processing with automated settlements, drastically reducing delays and ensuring faster access to funds.
- OTP-Based Authentication: Enhanced security measures, such as OTP verification, will provide greater protection for subscribers. These measures will allow them to update account details, track pension entitlements, and withdraw funds online.
- Integration with Social Security Schemes: EPFO services will be integrated with welfare schemes like the Atal Pension Yojana and Pradhan Mantri Jeevan Bima Yojana. This unification aims to simplify coverage and enhance accessibility for beneficiaries.
EPFO Transforming User Experience
The digital transformation aims to make EPFO services more intuitive and user-friendly.
Beneficiaries will no longer need to navigate complex forms or wait for extended periods to access their funds.
The upgraded platform will enable seamless transactions, similar to modern banking systems.
Mandaviya emphasized that the initiative is designed to transform the user experience for EPFO’s nine crore beneficiaries.
“It is your money. You will be able to withdraw it from ATMs whenever you want,” he stated.
Financial and Operational Highlights
EPFO currently manages a corpus of ₹27 lakh crore, backed by a sovereign guarantee, and offers an interest rate of 8.25%.
In FY 2024-25, the organization collected over ₹3.41 lakh crore in contributions through 1.25 crore electronic challan-cum-returns (ECRs) filed by employers.
The Centralized Pension Payment System, already operational, benefits over 78 lakh pensioners by enabling them to receive pensions in any bank account across India.
This system will continue to complement the new features introduced in EPFO 3.0.
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