The Employees' Provident Fund Organisation (EPFO) is gearing up for a significant digital transformation, with plans to launch its EPFO 3.0 update between May and June 2025. This overhaul is set to benefit approximately 9 crore account holders, bringing a host of new features aimed at simplifying the user experience.
Union Labour and Employment Minister Mansukh Mandaviya announced the upcoming changes, which include auto-claim settlements, digital corrections, and the ability to withdraw funds directly from ATMs. The new version of EPFO promises to eliminate the cumbersome processes of form-filling and physical visits, making it easier for account holders to manage their funds.
One of the standout features of EPFO 3.0 is the introduction of OTP verification for account updates. This means users can now update their information directly through the EPFO app or portal, streamlining the process significantly. "This update aims to make EPF services more transparent, accessible, and secure," Mandaviya stated, emphasizing the benefits for all users.
Currently, the EPFO manages a massive fund of 27 lakh crore rupees and offers an interest rate of 8.25%. With the new centralized pension payment system, pensioners will also have the flexibility to receive their pensions from any bank across the country, eliminating the need to maintain an account in a specific bank.
In addition to these enhancements, the government is working on integrating various social security schemes, including the Atal Pension Yojana, Pradhan Mantri Jeevan Bima Yojana, and Shramik Jan Dhan Yojana. This integration aims to create a more cohesive and efficient system for beneficiaries.
Moreover, the Employees' State Insurance Corporation (ESIC) is set to expand its services. Beneficiaries will soon have access to free medical treatment at hospitals that are part of the Ayushman Bharat scheme. Currently, ESIC provides free healthcare services to around 18 crore people through a network of 165 hospitals, over 1,500 dispensaries, and about 2,000 empanelled hospitals.
As part of the digital overhaul, members will also be able to withdraw their Provident Fund (PF) through the Unified Payments Interface (UPI) and ATMs, a feature expected to roll out by the end of May or June 2025. This innovative method of withdrawal is anticipated to enhance convenience and accessibility for all EPFO members.
Mandaviya noted that these advancements are part of a broader government initiative to modernize and digitize social security systems in India. By reducing bureaucratic hurdles and leveraging technology, the government aims to improve the overall experience for millions of citizens relying on these essential services.
In conclusion, the EPFO 3.0 update marks a significant step forward in delivering efficient, user-friendly services to account holders. With features designed to simplify processes and enhance access, the EPFO is poised to better serve the needs of its beneficiaries in the coming years.
