The EPFO 3.0 roll-out seems to be getting delayed until early next year now. The facility to withdraw PF money via ATMs, a key initiative planned under the upcoming EPFO 3.0 scheme, is likely to be implemented from January 2026, according to a Moneycontrol report.
In March this year, Union Minister of Labour & Employment Mansukh Mandaviya had said that the upcoming EPFO 3.0 will make the EPFO system as accessible as a bank and facilitate withdrawing PF money via ATMs.
EPFO’s apex decision-making body, Central Board of Trustees (CBT), is expected to give its nod to the proposal for allowing ATM-withdrawal facility in its next board meeting, the report said. The meeting is expected to be held in the first half of next month.
IT infrastructure to facilitate PF withdrawal facility at ATMs ‘ready’
The report mentions that the IT infrastructure to facilitate PF withdrawal facility at ATMs is ready. It is expected that modalities and other operational details will be discussed in the CBT meeting next month.
The retirement fund body has initiated a slew of reforms to benefit around 7.8 crore subscribers over the last one year. These reform measures are aimed at streamlining the process of claim settlement and reduce grievances related to claim rejections.
In a major relief for members, the EPFO has completely dispensed with the requirement of uploading an image of a cheque leaf or attested bank passbook while filing online claims.
To streamline the process of seeding bank accounts with UAN, EPFO has now removed the requirement of employer approval after bank verification.
What new changes are going to come in EPFO 3.0
Faster PF withdrawals: The retirement fund body will make sure that claims are settled automatically and there is no need for manual processing under EPFO 3.0.
ATM withdrawals: Members will be allowed to withdraw some portion of their PF corpus directly from ATMs.
Easy online corrections: Members will not have to fill forms or visit an EPFO office to update or correct account details as they can do it from home anytime.
Social security integration: The EPFO may add schemes like Atal Pension Yojana and PM Jeevan Bima Yojana, giving better coverage to unorganised workers.
OTP-based verification: Make secure changes quickly using OTP, instead of lengthy paperwork.
Summing up…
Under EPFO 3.0, members can expect big changes that will make managing PF easier and faster for them. The ATM withdrawal facility will be the most awaited feature under the EPFO 3.0 roll-out. Besides, other reforms like quick claim settlement, online corrections, and OTP-based services will make the system more user-friendly.