New Delhi. When people working in the private sector go to work in another company or retire, they take a long time to transfer their EPF account to another place and withdraw money from PF account. Now the Employees Provident Fund Organization i.e. EPFO has planned to bring EPFO 3.0, taking care of the interest of millions of such private sector employees. According to DD News, emphasis will be laid on digitization through EPFO 3.0. With which private sector employees will be able to withdraw the amount of PF through ATMs, will automatically be claimed and PF accounts can be changed through OTP.
Under EPFO 3.0, private sector employees will be able to withdraw the amount of PF from the ATMs of banks. This will give them a chance to reach their deposits directly. Currently, one has to wait after the application to withdraw the amount of PF. Then the EPFO puts the amount in the employee’s bank account. According to the information, private sector employees will get the facility of auto claim setting. They will be facilitated due to not taking much time after claiming. On implementation of EPFO 3.0, employees with PF account will be able to update the name, date of birth and other information in their account in a digital manner.
There will be OTP based verification under EPFO 3.0. There will be no need to file any kind of form. The EPFO is going to adopt such a process so that an employee of the private sector holding PF account can be diagnosed quickly if there is any complaint. Social security will also be comprehensive under EPFO 3.0. This will also add Atal Pension Yojana, Pradhan Mantri Jeevan Bima Yojana, Shramik Jan Dhan Yojana. Apart from this, health facilities of ESI are also to be strengthened through EPFO 3.0. There is also a plan to provide free medical facilities in hospitals under the Ayushman Bharat Scheme to PF account holders. At present, ESI has 165 hospitals across the country.
