Govt to Soon Introduce EPFO 3.0 Reforms, Check What It Is And How Will It Help You

Union Labour Minister Mansukh Mandaviya has announced the launch of EPFO 3.0, an upgraded system aimed at making fund management more seamless for Employees’ Provident Fund Organisation (EPFO) subscribers. The announcement was made during the inauguration of EPFO’s Telangana zonal and regional office in Hyderabad.
The new version is expected to transform EPFO’s services to function more like a bank, offering enhanced convenience for millions of subscribers across India.
Key Features of EPFO 3.0
Provident Fund Withdrawals at ATMs
A significant feature of EPFO 3.0 is the introduction of ATM withdrawals for provident fund subscribers. This change will eliminate the need for members to visit EPFO offices and stand in long queues to access their funds. Instead, they will be able to withdraw their money directly from ATMs, similar to a regular bank account.
Banking-Like Services for Users
EPFO 3.0 will function like a banking system, enabling subscribers to conduct seamless transactions with the help of their Universal Account Number (UAN). This upgrade is expected to simplify fund transfers, claim processing, and other essential services.
Faster and More Efficient Services
The upgraded system focuses on improving efficiency and reducing user complaints. Mandaviya emphasized that the organisation is working with a pro-people approach, ensuring quicker fund transfers, easier corrections to subscriber details, and faster claim settlements.
Enhanced Convenience for Retirees
Retired employees will benefit from the new system as it will allow them to withdraw their pension from any bank, providing them with more flexibility and accessibility.
Access to Funds Anytime, Anywhere
Currently, members need to visit EPFO offices for withdrawals, but EPFO 3.0 will provide subscribers with direct access to their funds from anywhere. This will enhance the accessibility of provident fund savings and reduce dependency on physical visits to EPFO offices.
With these enhancements, EPFO 3.0 is expected to modernize the provident fund system and make financial transactions more convenient for millions of subscribers across the country.