EPFO is preparing for a major digital transformation to expand services for over 9 crore beneficiaries and its Edition 3.0 will be launched by May or June.
EPFO News: If you are employed then this news may be useful for you. Actually, the Employees Provident Fund Organization ( EPFO ) will launch Edition 3.0 by June. Union Labor and Employment Minister Mansukh Mandaviya gave this information. He said that EPFO is preparing for a major digital change to expand services for more than nine crore beneficiaries and its Edition 3.0 will be launched by May or June.
What are the facilities
Mansukh Mandaviya said that in the coming days, EPFO beneficiaries will be able to withdraw funds from ATMs due to faster settlement of claims on the new Edition 3.0. He said that seamless and simplified services including automatic claim settlement, digital reform and ATM-based fund withdrawal will be provided. The aim of this change is to make EPFO accessible and efficient.
The new addition will eliminate the complex and lengthy process of filling up applications or visiting offices for claims and corrections. Beneficiaries will be able to update their EPFO accounts and request and monitor their pension eligibility or withdraw funds using OTP verification. Due to quick settlement of claims, funds will be available in the beneficiary’s bank account very quickly, he said.
27 lakh crore fund
Mandaviya said that EPFO currently has a fund of Rs 27 lakh crore with ‘government guarantee’ and it pays 8.25 percent interest. The centralized pension payment system already implemented benefits more than 78 lakh pensioners, as it allows them to receive pension in any bank account across the country. At the same time, the need to keep accounts in designated regional banks has ended.
The government is also considering integration of various social security schemes, including Atal Pension Yojana, Pradhan Mantri Jeevan Bima Yojana and Shramik Jan Dhan Yojana, to streamline and strengthen pension coverage.
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