n a significant move aimed at enhancing user convenience, the Employees’ Provident Fund Organisation (EPFO) is all set to roll out its new version, EPFO 3.0, by May-June 2025. This update promises to simplify accessing provident fund (PF) accounts, allowing subscribers to withdraw funds directly from ATMs and eliminating the need to visit government offices or rely on employers for paperwork.
ATM Withdrawals and a New App Union Labour & Employment Minister, Dr. Mansukh Mandaviya, revealed that the EPFO version 3.0 would allow members to withdraw PF savings from ATMs via a Universal Account Number (UAN). The feature brings EPFO services on par with services provided by contemporary banking systems, where PF funds become easily accessible at any moment.
Besides ATM withdrawals, the EPFO 3.0 will also see the launch of a new app that enables PF status check, transfer initiation, and claims management in a seamless manner. The app is likely to minimize paperwork and time needed for PF withdrawal and other transactions significantly.
A Banking-Like Experience for PF Subscribers: With the launch of EPFO 3.0, the organization hopes to shift its functioning towards that of a bank. Subscribers can make transactions, such as transferring funds and withdrawing pensions, through the app without going to EPFO offices. The move is part of a broader strategy to digitise and simplify provident fund management for over 27 crore EPFO members across India.
Speeding Up Transfers and Corrections The upgraded system will also facilitate faster fund transfers between accounts and offer options for correcting subscriber information within the database. These enhancements are designed to address common user grievances and improve the overall efficiency of EPFO services.
A Game-Changer for Indian Employees This initiative will likely be a game-changer for Indian salaried workers, giving them more control over their savings and easier access to money in times of need. With the launch date looming, EPFO subscribers can expect a more efficient and convenient system for handling their retirement funds.