The Employees’ Provident Fund Organisation (EPFO) recently announced EPFO 3.0, a game-changing upgrade that will ensure some major changes in the way the retirement fund body delivers it services to over 7 crore members. Confirming EPFO 3.0 roll out by June this year, Union Minister Mansukh Mandaviya recently said this upgraded system will improve efficiency and offer a seamless experience to EPFO members.
EPFO 3.0: How is it different from the existing system?
EPFO 3.0 will ensure significant upgrades over the existing system, especially when it comes to PF withdrawal time and user experience. Currently, EPF members wait for 7 to 10 days for withdrawals after online or offline submission of requests. They are also asked to give employer attestation before starting the withdrawal process.
With EPFO 3.0, the retirement fund body will allow ATM-enabled withdrawals, providing quicker access to funds.
Also Read Activate your UAN for EPFO’s ELI scheme by THIS date – Step-by-step guide here! Gratuity Rules 2025: Know how much gratuity you will get after 5, 7 and 10 years of service! FPIs withdraw Rs 4,285 cr in 3 trading sessions amid high valuations, global headwinds EPFO’s Centralized Pension Payment System fully operational! How will it help pensioners?
On the user experience front, employees currently rely on the Universal Account Number (UAN) portal or the UMANG app to manage their EPF accounts. But this new initiative will enhance this experience by digitising and simplifying processes, making them more user-friendly and efficient.
Also read: EPFO 3.0: 12 pc employee’s contribution cap to be removed? Labour ministry mulls bold reforms in PF services
Will there be no limits on PF withdrawal amount under EPFO 3.0?
While the new system allows for ATM withdrawals, there will be limits on how much you can access. Unlike now, where members need approval for withdrawals, the process will become fully automated, eliminating the need to fill out lengthy online forms.
However, members won’t be allowed to withdraw their entire savings. The EPFO will set the limits to ensure funds are used judiciously and remain available for long-term needs of members.
EPFO 3.0 top features
Mobile app launch: The upcoming EPFO mobile app will make managing your provident fund account more convenient than ever. From checking balances to filing claims,
» Read More
