The Employees’ Provident Fund Organisation (EPFO) is preparing for a major digital transformation aimed at enhancing services for over 9 crore members. Union Labour and Employment Minister Mansukh Mandaviya on Friday said the new EPFO Version 3.0 platform will be rolled out by May or June this year.
The upgraded system promises faster claims processing, ATM-based fund withdrawals, and simplified services such as auto-claim settlements and digital corrections. Beneficiaries will no longer need to visit EPFO offices or fill out lengthy forms. Instead, account updates and mandate changes will be enabled through OTP-based authentication.
“EPFO will soon implement Version 3.0 with the help of a robust IT platform to provide seamless and simplified services,” Mandaviya said in an interview. He added that quicker claim settlements will ensure faster transfer of funds to members’ bank accounts.
The EPFO currently holds a corpus of Rs 27 lakh crore with a sovereign guarantee and offers 8.25% annual interest. In 2024–25, the organisation collected Rs 3.41 lakh crore through 1.25 crore electronic challan-cum-returns (ECRs) filed by employers.
To improve pension accessibility, the Centralised Pension Payment System now enables over 78 lakh pensioners to receive benefits in any bank account, removing the earlier restriction of zonal banks.
In addition, the government is considering integrating multiple social security schemes, including Atal Pension Yojana and Pradhan Mantri Jeevan Bima Yojana, to strengthen pension coverage.
On the health front, ESIC beneficiaries will soon have access to free treatment at Ayushman Bharat-empanelled hospitals, expanding coverage to charity-run private hospitals as well.
Efforts are also underway to bring gig workers under social security cover. A recent MoU with Swiggy will create over 12 lakh job opportunities by listing roles on the National Career Service (NCS) portal.
The EPFO aims to further enhance grievance redressal, having already reduced complaints significantly under Version 2.01.