EPFO 3.0: Union Labor and Employment Minister Mansukh Mandaviya recently said that the Employees’ Provident Fund Organization (EPFO) is preparing to make major digital changes to enhance services for more than 9 crore beneficiaries, whose new version 3.0 will be launched by May or June. Know about 5 major changes here.
EPFO 3.0: The new version 3.0 of the Employees’ Provident Fund Organization (EPFO) will be launched soon by May or June. In which many important changes will be made. Recently, Union Labor and Employment Minister Mansukh Mandaviya told news agency PTI that this version will include features like auto-claim settlement, digital correction and fund withdrawal through ATM. Let us know about the 5 major changes of EPFO ​​3.0.
No more filling of long forms
Under EPFO ​​3.0, employees will no longer have to go through a lengthy form process. Now there will be no need for physical visits to make claims or get corrections done. The process will be simplified and accelerated through digital means.
Account update through OTP
Now employees will be able to update their EPFO ​​account and the associated bank/pension mandate through OTP verification. Apart from this, they will be able to track their pension status and also withdraw funds easily.
Integration of social security schemes
The government is now considering linking EPFO ​​with other social security schemes like Atal Pension Yojana, Pradhan Mantri Jeevan Bima Yojana and Shramik Jan Dhan Yojana. This will further strengthen the scope of pension coverage. Also, employees covered under ESIC will also get free treatment in hospitals associated with Ayushman Bharat Yojana.
Charity-run hospitals also under ESIC
Now private hospitals run by some designated charities will also be brought under the purview of ESIC, which will further increase the scope of free treatment facility available to about 18 crore people. At present, ESIC includes 165 hospitals, more than 1,500 dispensaries and about 2,000 panel hospitals.
PF will be withdrawn through UPI and ATM
EPFO is now going to provide members the facility to withdraw PF through Unified Payments Interface (UPI) and ATM. This facility can be started by May or June 2025. This facility can also be implemented for accounts like GPF (General Provident Fund) and PPF (Public Provident Fund) in future.
