The Employees’ Provident Fund Organisation (EPFO) will soon undergo a major transformation with the launch of EPFO 3.0, an enhanced version aimed at modernising its services and improving accessibility for millions of subscribers. Union Labour Minister Mansukh Mandaviya recently announced this initiative, highlighting features that will bring EPFO operations closer to modern banking standards.

Key Features of EPFO 3.0

One of the most anticipated upgrades in EPFO 3.0 is the ability for subscribers to withdraw their provident fund directly from ATMs, eliminating the need for lengthy paperwork and office visits. Speaking at the inauguration of EPFO’s Telangana zonal office and regional office in Hyderabad, Mandaviya emphasised that the reforms will empower subscribers by providing them seamless and efficient access to their funds.

EPFO to Function Like a Bank

The minister underscored that the EPFO will soon function similar to a banking system. Subscribers will be able to carry out transactions using their Universal Account Number (UAN), just as they would with a traditional bank account. “In the coming days, EPFO 3.0 will be launched. This means EPFO will become equivalent to a bank,” Mandaviya stated.

No Need for EPFO Office Visits

With these new changes, employees will no longer need to visit EPFO offices or approach their employers for fund withdrawals. Mandaviya assured that EPFO members will have full control over their funds, enabling them to withdraw money at their convenience.

Additional Improvements in EPFO 3.0

Beyond ATM withdrawals, EPFO 3.0 will introduce several improvements, including:

• Streamlined fund transfers between accounts.
• Faster claim processing for provident fund and pension withdrawals.
• Correction of subscriber details with minimal documentation.
• Pension withdrawals from any bank, further simplifying access to retirement funds.

Government’s Commitment to EPFO Reforms

Mandaviya also virtually inaugurated the regional office in Naroda, Gujarat, and laid the foundation stone for EPFO staff quarters in Gurugram, Haryana TOI reported. He stressed that under the leadership of Prime Minister Narendra Modi, EPFO is undergoing critical reforms to make it more people-friendly and efficient.

Union Minister of Coal and Mines G Kishan Reddy, who also addressed the event, praised the government’s commitment to enhancing EPFO services for millions of employees across the country as per TOI Report.

Improved Service Quality & Reduced Complaints

Mandaviya highlighted that the EPFO’s service quality has significantly improved, leading to a decline in complaints related to fund withdrawals and claim processing. “EPFO’s system and working style have changed with a pro-people approach, making services more accessible and hassle-free,” TOI quotes in its Report.