EPFO 3.0 is set to launch, allowing employees to withdraw up to ₹1 lakh from their PF accounts in minutes. PF transfers will be automatic upon changing jobs, the mobile app and website will be user-friendly, digital verification will be simplified, and pension services will become faster and more transparent. These changes will bring relief to millions of salaried employees.
EPFO 3.0: The Employees' Provident Fund Organisation (EPFO) is soon launching EPFO 3.0, which will make withdrawing money from PF extremely easy and fast. Employees will now be able to withdraw up to ₹1 lakh in minutes via ATM or UPI. Upon changing jobs, PF transfers will happen automatically. The new website and mobile app will provide instant access to PF balance, claim status, and other facilities. Additionally, digital verification will be simplified, and pension services will be made online and transparent.
Withdrawing Money from PF Will Be Extremely Easy
Previously, to withdraw money from PF, employees had to fill out a form on the online portal and then wait for several days for the money to be credited to their bank accounts. This process was time-consuming and cumbersome. Under EPFO 3.0, this entire process will become digital and seamless. Employees will now be able to transfer money instantly from their PF accounts directly using their ATM card or UPI app.
Automatic PF Transfer on Changing Jobs
If an employee changes jobs while employed, they previously had to apply separately to transfer funds from their old PF account to their new one. This process could often be complicated. In EPFO 3.0, this task will be automated. Upon joining a new company, the PF account will automatically be linked to the new employer's PF account. This will enable seamless and instant money transfers without any hassle.
Website and Mobile App to Become Even More User-Friendly
Changes will be made to the EPFO website and mobile app to make them easier to use. Employees will be able to check their PF account balance, view the status of their claims, and avail other services with ease. These enhancements will make technology so intuitive that any employee can access all PF-related information within minutes.
Improvements in Pension Services as Well
EPFO 3.0 will not be limited to PF withdrawals. Employees' pension services will also be digitized and made transparent. All pension-related tasks can be completed online and with ease. This will reduce inconvenience for employees, allowing them to avail their pension services sooner.
Digital Verification to Be Simplified
Until now, employees often faced difficulties linking their Aadhaar cards or completing KYC. In EPFO 3.0, the digital verification system will be simplified. Employees will be able to easily link their Aadhaar or other documents online. PF balances will be updated in real-time, just like a bank account. This change will make online PF services more reliable and faster.
With the advent of EPFO 3.0, employees will be able to avail numerous PF-related services instantly. Withdrawing funds, transferring accounts, availing pension services, and digital verification will all be possible within minutes. This will save time and eliminate the need for employees to visit banks or offices.
