The Employees' Provident Fund Organisation (EPFO) is poised to launch its new digital platform, EPFO 3.0, soon. This new platform will provide members with bank-like facilities, enabling them to conduct transactions and access services related to their accounts more easily online.
EPFO 3.0: The Employees' Provident Fund Organisation (EPFO) is taking a significant leap into the digital age with the upcoming launch of EPFO 3.0. This new platform will bring numerous new and advanced features for over 90 million subscribers in India, revolutionizing PF management and the claims process.
Union Minister of Labour and Employment, Mansukh Mandaviya, has indicated that the system will be implemented between May and June 2025. Let's explore the key changes in the new EPFO 3.0 that will greatly benefit employees and pensioners.
1. Streamlined Automated Claim Settlement
With the arrival of EPFO 3.0, PF claim settlement will become fully automated. This means members will no longer need to fill out manual forms or endure lengthy waiting periods. Any errors in the claim process will be digitally rectified promptly, leading to faster claim approvals. This will save members significant time and effort.
2. Direct ATM Withdrawals of PF Funds
This feature will be particularly convenient for members. EPFO 3.0 will allow withdrawals from PF accounts as easily as withdrawing cash from a bank account using an ATM. This will make the withdrawal process faster, safer, and simpler. This is especially beneficial for those requiring immediate cash access.
3. Convenient Online Account Updates
This new platform will allow members to make any necessary corrections or updates to their account information online. This eliminates the hassle of filling out forms and submitting documents. Members can now update their details from their mobile or computer anytime, anywhere, reducing the likelihood of errors.
4. Integration of Pension and Insurance Schemes
EPFO plans to integrate social security programs like the Atal Pension Yojana and Pradhan Mantri Jeevan Bima Yojana into its system. The aim is to provide better pension and insurance benefits to workers in the unorganized and informal sectors. This move will ensure the financial security of millions of workers across the country.
5. Secure and Easy OTP-Based Updates
Instead of lengthy forms, necessary changes can now be made through a secure OTP-based process. This not only speeds up the process but also reduces the chances of fraud and incorrect data entry. This feature is crucial for the convenience of members.
Improved System for Pensioners: Centralized Pension Payment System (CPPS)
EPFO has also introduced the Centralized Pension Payment System (CPPS) for the benefit of pensioners. Pension amounts can now be received from any bank branch in the country. This gives pensioners the freedom and convenience of receiving their pensions anywhere near their residence, reducing their inconvenience.
The Employees' State Insurance Corporation (ESIC) is also making several improvements in the digital and healthcare sectors. ESIC beneficiaries will soon be able to avail free treatment in government, private, and charitable hospitals under the Ayushman Bharat Yojana. Currently, ESIC provides healthcare services to approximately 180 million people through 165 hospitals, and this coverage is being expanded.
