Image Source: Rightsofemployees.com
The Employees' Provident Fund Organisation (EPFO) is poised to undergo a digital revolution that will soon enable more than 9 crore subscribers to withdraw their Provident Fund (PF) savings directly from ATMs. Union Labour and Employment Minister Mansukh Mandaviya has said that the highly awaited EPFO Version 3.0 will be launched by May or June 2025, marking a new era of easy, banking-like services for EPF members.
Key Highlights:
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ATM-Based Withdrawals: For the first time, EPF subscribers will have instant access to their savings at special ATMs using a specific PF withdrawal card against their Universal Account Number (UAN). This is an effort to do away with the cumbersome documentation, long form-filling, and waiting time involved in PF withdrawals.
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Seamless Digital Services: EPFO 3.0 will be driven by a strong IT platform, which will facilitate features like auto-claim settlements, digital corrections, and real-time account updates via OTP verification. The transformation is aimed at making EPFO services as accessible and efficient as mainline banking.
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Improved Accessibility: The new system significantly helps employees of rural and far-flung regions, pensioners, and the unorganized sector, who struggle with internet availability or in-person visits to EPFO offices.
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Extra Facilities: Besides ATM withdrawals, EPFO is also planning to integrate Unified Payments Interface (UPI) for direct transfer of funds immediately through services such as PhonePe, Google Pay, and Paytm, easing the process further.
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Security and Convenience: Withdrawals will be done through multi-factor authentication, such as OTPs and PINs, to protect members' funds. The implementation will also have daily and monthly withdrawal limits, real-time balance monitoring, and an easy-to-use interface.
What's Next?
The Ministry is completing the list of EPFO-approved ATMs and the procedure for step-by-step withdrawal. Once implemented, members will be issued a special ATM card for their PF account, and accessing funds will be as simple as withdrawing cash from a bank account.
Union Minister Mandaviya noted, "It is your money. You will be able to withdraw it from ATMs whenever you want," stressing the government's resolve in empowering workers and updating retirement fund management.
Sources: News18, Economic Times, Rajarshi College, News24Online, India Today, India TV News
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