EPFO 3.0: Employees Provident Fund Organization (EPFO) may launch EPFO 3.0 from June 2025 next month. Its objective is to make access to the provident fund (PF) of the employees easier. DD News has given this information in a report. The biggest feature of this digital change will be that EPF account holders can get the facility of extracting funds directly through UPI and ATM. This can completely change the process of PF withdrawal so far.
What is EPFO 3.0?
The EPFO 3.0 has a digital upgrade to the existing system. Till now, account holders have to login to the EPFO portal and submit the claim to extract EPF funds, which takes several days to process. But real-time fund access is expected to be available under EPFO 3.0. This system can allow PF extract through ATM and UPI apps.
How will ATM and UPI withdrawn work work?
However, the official information of how this whole process will work has not been revealed yet. But it is expected that the EPFO accounts will be connected to the UPI and ATM network. With this, account holders will be able to remove their PF funds directly through the UPI apps or bank ATMs. For this, security measures like PIN or Aadhaar-based verification can be implemented. Also, the limit of clearance under security and rules can also be set.
What will be the benefits of digital clearance?
According to experts, this new feature will have many important benefits. The paperwork will end and will not have to wait long. From anywhere, PF funds can be extracted anytime. This facility will be very beneficial, especially in emergency situations. This step will also strengthen Digital India and financial inclusion, as now government services will also join the common digital platform.
When will it apply?
According to DD News report, EPFO 3.0 can be launched in June 2025. However, the official date has not been confirmed yet. It is also likely to be the first pilot project or phased start. This facility can affect more than 6 crore EPF account holders across the country.
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