EPFO may launch a new digital platform, EPFO 3.0, before Diwali. Under this, over 8 crore PF subscribers will be able to withdraw money directly through UPI and ATM. The new system will make PF withdrawal easier and faster, and tasks like checking balance, claim status, and updating details will also be easily manageable online.
EPFO 3.0: Employees may get significant relief before Diwali as EPFO is preparing to launch its upgraded digital platform, EPFO 3.0. According to reports, a discussion will be held on this on October 10-11, chaired by the Union Labour Minister, Mansukh Mandaviya. After the new system is implemented, there will be no need to fill out forms or provide documentation for PF withdrawal. Subscribers will be able to withdraw PF amounts directly from UPI apps or bank ATMs. Additionally, checking PF balance, contributions, and claim status will also become easier, completely transforming the experience for over 8 crore employees.
How PF money is withdrawn currently
Currently, employees have to fill out an online or offline claim form to withdraw their PF money. EPFO members fill out forms like Form-31, Form-19, Form-10C, and Form-10D. Along with these, bank details and necessary documents need to be submitted. If an employee has a requirement such as purchasing a house or for medical expenses, separate documentation is required. In the offline process, the employee has to apply directly by visiting the EPFO office, which takes a considerable amount of time, and often verification of the file takes weeks.
Why the change was necessary
There have been long-standing complaints regarding EPFO procedures, citing excessive time consumption and complex documentation. The government's objective is to provide employees with easy and swift access to their funds. EPFO 3.0 was planned in this direction. Initially, it was planned for launch in June 2025, but it was postponed due to technical difficulties and testing. It is now expected to be launched soon.
Discussion in the meeting
According to media reports, a meeting will be held on October 10 and 11, chaired by Union Minister of Labour and Employment, Mansukh Mandaviya. The final decision regarding the launch of EPFO 3.0 will be taken in this meeting. It is anticipated that after this, employees may have access to the new digital platform before Diwali.
How the new system will work
Under EPFO 3.0, PF accounts will be directly linked to the UPI and ATM networks. This means employees will be able to withdraw PF money directly from their bank ATMs or UPI apps. This process will utilize Aadhaar-based authentication or secure PINs to maintain security. Additionally, certain limits will be set for regulations and fund safety to prevent any discrepancies.
Not just withdrawal, more facilities
EPFO 3.0 will not be limited to just the facility of withdrawing money from ATMs or UPI. A new digital interface will also be added. On this platform, employees will be able to easily view their PF balance, check contribution details, and track claim status instantly. Employees will no longer need to visit the EPFO office for minor information.
Further benefits of the digital platform
Through the new platform, not only will withdrawals be easier, but the entire process of claiming will become digital. Employees will no longer have to run around to different places to update their personal details or correct any errors. Everything will be done online with a single click. This change will be a great relief for those who need small amounts of money urgently.
After the launch of EPFO 3.0, employees will no longer have to wait long for money withdrawal. Similar to withdrawing cash from an ATM, PF money will be directly credited to the account. This process will also be extremely easy and fast through UPI. This will free employees from time, effort, and paperwork.
