EPFO 3.0 is launching soon with big changes for EPF subscribers in 2025. Discover the 5 major updates that every Provident Fund member must be aware of to stay informed and benefit from the new system.
In the near future, the Employees Provident Fund Organization (EPFO) will introduce its new platform, EPFO 3.0. The EPFO 3.0 will feature a robust IT infrastructure with the goal of enabling members to access services similar to those offered by banks.
This new method will go into effect between May and June 2025, according to a statement made last month by Union Labor and Employment Minister Mansukh Mandaviya.
According to the minister, EPFO 3.0 will be a dependable platform that offers more than 9 crore users a plethora of new features without any difficulties. such as the ability to automatically settle your claim, digitally fix errors, and—above all—the ability to take money out of the ATM.
The ability to withdraw EPF funds from an ATM, just like from a bank account, will be the largest benefit.
So, let us see what new changes EPFO 3.0 will bring:
- A much simpler and quicker PF withdrawal procedure: claims will now be resolved automatically, eliminating the need for manual labor.
- ATM withdrawal: Similar to a bank account, you can take your money out of the ATM as soon as the claim is accepted.
- Digital correction: By removing the need to fill out forms, you can update your account details online from the comfort of your own home.
- Integration of social security schemes: In order to provide greater pension and security benefits to workers in the unorganized and informal sector, EPFO is currently thinking of integrating other social security schemes, such as Atal Pension Yojana and Pradhan Mantri Jeevan Bima Yojana, into its system.
- OTP-based verification: You may now make rapid and safe modifications using OTP in place of lengthy forms.
Over the past few months, the retirement fund authority has started a number of projects aimed at changing the ecosystem of the EPFO.
In order to provide retirees with hassle-free services, it recently introduced the Centralized Pension Payment System (CPPS). They can now take their pension out of any bank in the nation.
The introduction of CPPS, which promises pensioners convenience, transparency, and quick service, was hailed by Minister Mandaviya as a historic step.
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