There is good news for crores of EPFO subscribers. Preparations are underway to provide EPFO’s mobile application and debit card facility by May-June this year. Labor and Employment Minister Mansukh Mandaviya gave this information on Thursday. Subscribers will get banking-like facilities through EPFO 3.0.
New Delhi: Preparations are underway to provide EPFO mobile application and debit card facility to the subscribers of Employees Provident Fund Organization (EPFO) by May-June this year. Labor and Employment Minister Mansukh Mandaviya gave this information on Thursday. Mandaviya said that work is currently going on on EPFO 2.01. The entire IT system is being upgraded. This work will be completed by the end of January. After that, EPFO 3.0 will come by May-June. Through this, subscribers will get banking-like facilities.
The Union Minister said that with EPFO 3.0, the entire system will be centralized and the entire work including claim settlement will become very easy. Ministry sources said that talks are going on with RBI and Finance Ministry about providing bank-like facilities to subscribers through EPFO 3.0. Subscribers will get a debit card, but it will not happen that they can withdraw their entire contribution by going to an ATM. He said that a limit can be set on how much of their contribution subscribers can withdraw and there will be no need to take prior approval for this.
UPA vs NDA
The Labor Minister said that RBI releases employment data every year. According to this, 2.19 crore jobs were created during the UPA tenure from 2004 to 2014 and we created 4.6 crore jobs in just one year of 2023-24. While employment growth was only 7% during the UPA regime, a growth of 36% was recorded between 2014 and 2024.
Mandaviya said that the employment figure was 47 crore 15 lakh in 2013-14, which will increase to 64 crore 33 lakh in 2023-24. There was a 16% decline in employment in the agriculture sector during the UPA regime from 2004 to 2014, while a 19% increase was registered during the Modi regime between 2014 and 2023.
Unemployment rate
Mandaviya said that employment in manufacturing grew by only 6% during the UPA regime, but it grew by 15% between 2014 and 2023. Employment in the services sector grew by 25% between 2004 and 2014 and 36% between 2014 and 2023. The unemployment rate was 6% in 2017-18, which came down to 3.2% in 2023-24. The employment rate increased from 46.8% to 58.2% during this period.
The Labor Minister said that the employability of graduate youth was 33.95% in 2013. It increased to 54.81% in 2024. The employment rate among youth was 31.4% in 2017-18, which increased to 41.7% in 2023-24. The unemployment rate declined from 17.8% to 10.2% during this period.
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