Big news, no less, for millions of Employees’ Provident Fund contributors across the world: Members of the Employee Provident Fund Organization underwent some serious changes that were thought to be long overdue. The government is reportedly set to launch EPFO 3.0 in June 2025.
It essentially is a big reform regarding EPF processing, and the update to this is going to make members somehow better users of the services that are provided for a better user experience at that particular process in so far as work efficiency.
More attractive features, easy access
EPFO 3.0 will look into several innovations to streamline the process of EPF, according to Union Labour Minister Mansukh Mandaviya. It will host a very redesigned user-friendly interactive website allowing members not only to perform hassle-free account management but also navigate across.
Giving this degree of efficiency a run for its money to that paralleled in the Indian banking system will enable an extremely straightforward sort of retirement savings for its employees-In an electronic service environment.
Who can withdraw PF funds through ATMs?
According to Labour Secretary Sumita Dawra, soon EPFO members, beneficiaries or nominees will be in a position to withdraw their PF claims straight from ATMs. According to sources, this will be a maximum of 50 percent of the CPF.
The function will also be for the assured to pull it out en route for the beneficiaries after their demise. This facility may involve linking the nominees’ bank accounts with the EPF account of the deceased member; however, the exact process remains unconfirmed.
Redemption of EPF members through ATM
EPF members are eagerly waiting for the imminent launch of the ATMs card feature for EPFO 3.0.
Once operationalized, employees will be able to directly withdraw their EPF money from ATMs, making it far more convenient to access money in times of need. The first phase of the website and system upgrade is expected to be completed by January of 2025.
What are the detailed procedures?
The ATM card will work just like a debit card and will be tied to the respective member’s PF account based on the input given.
To avail the funds:
●The member has to visit an ATM dispensing EPFO amounts.
●Then they will have to enter their PIN and card details.
●Immediately, they will withdraw the money from the account just finished.
This method benefits PF account holders with immediate access to funds that can be withdrawn at any time, day or night. The successor of a deceased EPFO subscriber can use the ATM facility to withdraw money once the claim is resolved.