The Employees Provident Fund Organisation (EPFO) is going to make a big change soon for crores of salaried employees. EPFO 3.0 will be launched soon. Now, it will become even easier to withdraw money from the employee provident fund. The biggest facility will be that members will be able to withdraw money up to Rs 1 lakh directly from their PF account through ATM and UPI. That is, now you will not need to go through a long online process every time.
PF money can be withdrawn from ATM and via UPI
Under EPFO 3.0, PF account holders will be able to get direct and easy access to their money. Till now, to withdraw PF, one had to fill out the form on the online portal, and it took several days for the amount to come. But when the new system is implemented, you will be able to withdraw the PF amount immediately through a bank ATM or UPI app on your mobile. This step will prove to be a big relief for millions of employees.
Other major reforms coming in EPFO 3.0
- PF transfer will be automatic
Till now, when employees change jobs, they have to apply to transfer their PF to a new UAN or account. This process will become automatic after EPFO 3.0 is implemented. As soon as you join a new company, your PF will be linked to the new employer.
- PF balance will be visible in real time
At present, there is a delay in updating the PF balance and many times the employee does not get the exact amount information. After EPFO 3.0, PF balance will be updated in real time like a bank account.
- Mobile apps and portals will be better
EPFO’s existing mobile app and website will be made more user-friendly. This will make it easier to use claim status, balance check and other facilities.
- Digital verification will be easy
Employees often face problems in Aadhaar linking or KYC. Digital verification will be easy in the new system and the scope of online services will be expanded.
- Improvement in pension services
EPFO 3.0 also plans to make the pension-related services of employees digital and transparent. This will provide timely benefits to the pensioners.
Why is EPFO 3.0 necessary?
EPFO has crores of members across the country. Till now, employees have had complaints about many processes related to PF withdrawal and transfer. Not getting money on time, KYC-related problems and claim rejection were common problems. EPFO 3.0 is being brought to eliminate these problems.
Summing up…
EPFO 3.0 can prove to be a game-changer for employees. With the facility of PF withdrawal from ATM and UPI, millions of people will get immediate relief. Also, features like automatic transfer, real-time balance and easy digital verification will make it stronger. If you are also an EPF member, then in the coming time, withdrawing PF will become even faster, easier and transparent for you.