EPFO PF Withdraw: Union Labor Minister Mansukh Mandaviya has said that the new system will be as convenient as banking. Many digital features will be given in it, which will make transactions easier.
EPFO: The day is not far when EPFO members can withdraw money from Provident Fund (PF) account from ATM like a bank. The Employees Provident Fund Organization (EPFO) is going to introduce a new system ‘EPFO 3.0’ soon. Union Labor Minister Mansukh Mandaviya said at an event in Hyderabad that the new system will be as convenient as banking. Many digital features will be given in it, which will make transactions easier.
Mandaviya said, “EPFO 3.0 version will come in the coming days. After this EPFO will become equal to the bank. Just like transactions take place in a bank, you (EPFO subscribers) will be able to do all your work through Universal Account Number (UAN).”
User Friendly Designing
EPFO 3.0 will be an advanced version of the existing system. It has been designed to make the withdrawal process faster and user-friendly. After this upgrade, EPFO members will no longer have to visit government offices to get their PF money. Also, approval from their employers will not be required.
Members will be able to withdraw their PF money through ATM just like withdrawing cash from a bank account. EPFO members will be able to manage their accounts using their Universal Account Number (UAN). It is not yet clear what will be the limit of PF withdrawal from ATM.
At present, a long and complicated process has to be followed to withdraw money from PF. The goal of EPFO 3.0 is to make money withdrawal, claim settlement and pension transfer more simple and quick.
Preparation to launch in May and June
EPFO is constantly improving to make the user experience easier. Complaints regarding EPFO services have come down. Many new features like quick claim process, online option for correction in name and improvements like pension withdrawal from any bank have been implemented.
The government plans to launch the EPFO 3.0 app in May and June this year. This app will provide users the facility to track PF balance, transactions and make withdrawals.
The Union Minister said that the money deposited in these accounts belongs to the employees, so they should have the freedom to get it anytime and anywhere without any unnecessary delay.
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