Hyderabad, 7 March (IANS). Employees Provident Fund Organization (EPFO) is going to bring the new system ‘EPFO 3.0’ soon. After this, members can withdraw the money from the provident fund (PF) account from the ATM like the bank.
Union Labor Minister Mansukh Mandavia said at an event in Hyderabad that the new system would be convenient like banking. It will provide many digital features, which will make the transaction easier.
Mandavia said, “The EPFO 3.0 version will come in the coming days. After this, EPFO will be equal to the bank. Just as there is a transaction in the bank, you (near EPFO subscribers) will be able to do all your work through the Universal Account Number (UAN).”
The EPFO 3.0 will be an advanced version of the current system. It is designed to make the process of clearance faster and user-friendly.
After the arrival of this upgrade, EPFO members will no longer have to visit government offices to get their PF money. Also, will not have to take approval from your employers.
Members will be able to withdraw their PF money through ATMs like withdrawing cash from the 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.
Currently, a long and complicated process has to be followed to withdraw money from PF.
The EPFO 3.0 aims to make money withdrawal, claim settlement and pension transfer more simple and quick.
EPFO is constantly improving to make user experience easier. There has been a decrease in complaints about EPFO’s services. Many new features such as early claim process, online option to improve name and 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 allow users to facilitate PF balance, transaction trek and withdrawal.
The Union Minister has said that the money deposited in these accounts is of the employees, so they should have the freedom to get it at any time and anywhere without any unnecessary delay.
-IANS
ABS/
