EPFO 3.0: The Employees’ Provident Fund Organization (EPFO) has given a great news to its crores of customers. According to the government, the new system of PF will be implemented by June 2025. Under the new system, a new app and the facility of withdrawing PF money from ATM will be available
EPFO 3.0: The Employees’ Provident Fund Organization (EPFO) has given a great news for its crores of customers. According to the government, the new system of PF will be implemented by June 2025. Under the new system, there will be a new app and facility to withdraw PF money from ATM. Union Labor Minister Mansukh Mandaviya has announced that EPFO’s new software system EPFO 3.0 will be launched this year. This new system will give a convenient and user-friendly experience to the employees.
EPFO ATM Card Service
Under EPFO 3.0, all members will be given ATM cards. Through this card, employees will be able to easily withdraw and manage the amount of their Provident Fund (PF) account. This service will help especially in times of financial emergency. According to Union Minister Mandaviya, the initial improvements in the website and system will be completed by this month. After this, EPFO 3.0 will be implemented in a phased manner.
PF withdrawal service will be available from ATM
EPFO members will be able to withdraw money from their PF account directly through ATM from 2025. There will be minimal human intervention in this process. That is, money will be withdrawn from PF without any officer’s clearance. This system will allow customers to settle their claims with one click.
When will the new mobile app come
New mobile applications and other digital services will also be launched under EPFO 3.0. Union Minister Mandaviya said that the new app, ATM card and advanced software will be launched by June 2025. Apart from this, the Ministry of Labor is planning to remove the mandatory contribution limit of 12%. Employees can be given the option to contribute to PF according to their savings. Also, there is a proposal to change this amount to pension with the consent of the employee.
Purpose of EPFO 3.0
The purpose of EPFO 3.0 is to make services simple, fast and transparent using digital technology. This initiative will not only improve the customer experience but will also improve the financial management of employees. This new initiative of EPFO will give crores of employees the option of a safe PF management, which is not available right now.
