EPFO 3.0 Coming Soon: PF Withdrawal Goes ATM-Style!

The Union Minister of Labour and Employment Mansukh Mandaviya announced that the Employees' Provident Fund Organisation (EPFO) will undergo a major digital overhaul to enhance services for more than 9 crore beneficiaries with its Version 3.0, which will be launched by May or June.

In a matter of a few days, EPFO beneficiaries will be able to withdraw funds from ATMs due to faster processing of claims on the new Version 3.0, the minister added.

"EPFO will soon implement Version 3.0 with the help of a robust IT platform to provide seamless and simplified services, including auto-claim settlements, digital corrections, and ATM-based fund withdrawals. The overhaul is aimed at making EPFO accessible and efficient," a PTI report cited the Union Minister.

How Does EPFO Version 3.0 Add Value?

According to Mandaviya, Version 3.0 will eliminate the need for complex and lengthy form-filling processes, and physical visits for claims and corrections.

The beneficiaries will also be able to use and update their EPFO accounts and mandates using OTP verification while conveniently monitoring pension entitlements or withdraw funds.

The swift settlement of claims will make funds available in the subscriber's bank account, he added.

EPFO holds a corpus of Rs 27 lakh crore with a sovereign guarantee and offers 8.25% interest.

The Centralised Pension Payment System that is already in place, benefits more than 78 lakh pensioners by allowing them to receive pensions in any bank account across the country, while removing the earlier requirement wherein subscribers were needed to maintain bank accounts in certain zonal banks.

Governments' Plans On The Sidelines

Mandaviya added that the government is also considering the integration of several social security schemes like the Atal Pension Yojana, Pradhan Mantri Jeevan Bima Yojana, and Shramik Jan Dhan Yojana, to further streamline and strengthen pension coverage.

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