EPFO 3.0: Employees’ Provident Fund Organization (EPFO) has given a big good news for crores of its customers. According to the government, the new PF system will be implemented by June 2025. Under the new system, a new app and facility to withdraw PF money from ATM will be available. 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 provide a convenient and user-friendly experience to the employees.
EPFO ATM card service
Under EPFO 3.0, ATM cards will be given to all members. Through this card, employees will be able to easily withdraw and manage their Provident Fund (PF) account amount. This service will especially help 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.
Service for withdrawing PF from ATM will be available
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, you will be able to withdraw money from PF without clearing it from any officer. This system will allow customers to settle their claims at a single 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 Labor Ministry is planning to remove the mandatory contribution limit of 12%. Employees can be given the option to contribute to PF according to their savings. Besides, a proposal to change this amount in pension with the consent of the employee is also included.
Purpose of EPFO 3.0
EPFO 3.0 aims to make services simple, fast and transparent by using digital technology. This initiative will not only improve customer experience but also improve the financial management of employees. This new initiative of EPFO will provide a safe PF management option to crores of employees. Which is not available now.
Government announced Unified Pension Scheme for employees, it will be implemented from April 1, 2025,