The Employees’ Provident Fund Organisation (EPFO) is preparing to roll out EPFO 3.0, a major digital upgrade that promises to make accessing PF savings faster and easier. From UPI-based withdrawals to ATM-like access and quicker claim settlements, the new system aims to simplify the experience for crores of subscribers.
EPFO 3.0 Will Bring UPI And ATM-Based Withdrawals
The new platform will allow members to access their eligible PF balance digitally and transfer funds directly to their linked bank accounts, reducing paperwork and delays.
The Facility Is Yet To Be Launched
Although EPFO has completed testing and Labour Minister Mansukh Mandaviya has said the rollout is expected soon, no official launch date has been announced yet.
Withdrawals Will Be Done Through UPI
Subscribers will be able to check their eligible balance, select the amount they want to withdraw, authenticate the transaction with their UPI PIN and receive the money directly in their bank account.
Members May Be Allowed To Withdraw Up To 75% Of Their Balance
According to the proposal, subscribers could withdraw between 50% and 75% of their PF corpus, depending on eligibility and applicable rules.
You Won’t Be Able To Withdraw Your Entire Corpus
EPFO plans to retain at least 25% of the provident fund balance in the account, meaning members will not be able to empty their accounts completely.
Pension Benefits Under EPS Will Remain Unaffected
The ATM and UPI withdrawal facility will apply only to the EPF component. The Employees’ Pension Scheme (EPS) corpus will continue to remain separate.
EPFO 3.0 Will Offer More Digital Services
The upgrade is also expected to include face authentication through the UMANG app, easier UAN activation, online corrections of personal details, digital claim submission and faster access to passbooks.
Claim Processing Has Already Become Faster
EPFO has raised the auto-settlement limit from Rs 1 lakh to Rs 5 lakh. Eligible claims related to medical treatment, education, marriage and housing are now being processed much more quickly, often within three days.
Source link
[ad_3]
