How can you withdraw PF money: EPFO 3.0, to be launched by June 2025, will offer ATM-based withdrawals, flexible contributions and improved features, transforming retirement fund management.
EPFO ATM Process: In a significant move for millions of Employees’ Provident Fund (EPF) members, the government is preparing to launch the much-awaited EPFO 3.0 by June 2025. Aimed at enhancing efficiency, accessibility and user experience, this new software is set to transform the way employees manage their retirement savings.
Enhanced features and accessibility
Union Labor Minister Mansukh Mandaviya revealed that EPFO 3.0 will bring several features aimed at streamlining EPF processes. A special feature of the new system will be a more user-friendly website interface, making it easier for members to navigate and manage their accounts.
The system will provide a level of efficiency similar to banking systems in India, allowing employees to have seamless access to their retirement funds.
ATM cards for EPF members
One of the most anticipated features of EPFO 3.0 is the introduction of ATM cards for EPF members.
Once the system is rolled out, employees will be able to withdraw their EPF savings directly from ATMs, thereby increasing their access and making it easier for them to deal with financial emergencies. The first phase of the website and system upgrade is expected to be completed by the end of January 2025.
Flexibility in pension scheme and withdrawal guidelines
Apart from ATM withdrawals, the EPFO is exploring the possibility of changes in the Employees’ Pension Scheme (EPF) that will allow employees to adjust their contribution levels.
The current system mandates a 12% contribution from both the employee and the employer, but with the proposed change, employees may have the option to contribute more or less depending on their preferences.
A new era for EPF members
With these exciting changes, EPFO 3.0 is set to make retirement savings more convenient and efficient than ever.
The expected reforms will not only benefit employees but also help meet unforeseen financial needs, ushering in a new era in India’s retirement savings ecosystem. As 2025 progresses, all eyes will be on the implementation of these revolutionary changes.
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