Daijiworld Media Network - Hyderabad

Hyderabad, Mar 7: In a major reform, the Employees’ Provident Fund Organisation (EPFO) is set to roll out ‘EPFO 3.0’, a new system that will enable subscribers to withdraw their provident fund (PF) directly from ATMs.

Union Labour Minister Mansukh Mandaviya, speaking at an event in Hyderabad, stated that the upcoming system would bring banking-like convenience to EPFO services, making fund withdrawals seamless and hassle-free.

“With EPFO 3.0, the organisation will function like a bank. Subscribers can manage their accounts using their Universal Account Number (UAN) and carry out transactions with ease,” Mandaviya said.

The upgraded system is expected to eliminate the need for visiting government offices or seeking employer approvals, allowing direct ATM withdrawals, just like a regular bank account. However, details on withdrawal limits are yet to be clarified.

Currently, PF withdrawals involve extensive paperwork and long processing times. EPFO 3.0 aims to transform this by enabling faster claim settlements, fund transfers, and pension disbursals.
The EPFO has already introduced several reforms to enhance user experience, including quicker claim processing, name correction options, and the ability to withdraw pensions from any bank. Complaints about EPFO services have also seen a decline.

The government is likely to launch the EPFO 3.0 mobile app by May or June this year, offering users the convenience of checking balances, tracking transactions, and making withdrawals effortlessly.

Mandaviya emphasised that employees should have easy access to their hard-earned money anytime and anywhere without unnecessary delays.