EPFO 3.0: The Employees’ Provident Fund Organization (EPFO) is getting ready for EPFO 3.0, which will bring significant changes shortly. This data was provided by Union Labor and Employment Minister Mansukh Mandaviya in the Lok Sabha. He mentioned that the primary goal of EPFO 3.0 is to enhance digital services and deliver a banking-level experience to the workforce. The implementation of this new system is anticipated to begin in March 2025, streamlining PF withdrawal and other services to be easier and quicker than in the past.
Mansukh Mandaviya stated that the primary aim of EPFO is to offer convenient and secure services to employees via a digital platform. He stated that individuals earning below Rs 15,000 fall under the scope of EPFO. The funds taken from their pay are overseen by EPFO, yet often individuals encounter issues due to problems with the portal. With EPFO 3.0, banking-grade services will be established to fully resolve these issues. In this, PF account holders will face no issues when withdrawing funds, fixing mistakes, and monitoring the account. He stated that attempts are underway to resolve all complaints completely by March 2025.
EPFO 3.0 will enhance services further
Numerous enhancements have already been implemented in EPFO, including an online claim option and a self-claim procedure. EPFO 3.0 will enhance these services further. This includes a strategy to digitize and expedite the claim process entirely, ensuring that members do not experience prolonged delays in receiving their funds.
Present EPFO rules
Unemployment withdrawal: If a worker stays unemployed for a month, he is eligible to withdraw 75% of his PF balance.
Two months of joblessness: If unemployed for two months, the complete PF fund may be withdrawn.
With the introduction of EPFO 3.0, the system will transform into a fully digital, secure, and robust platform. In addition to this, the option for PF withdrawal via ATM will provide relief to employees.