EPFO 3.0 benefits: A relief will be on its way into the lives of nearly 90 million EPF holders across the nation. The Central Government has thus resolved to construct the EPFO 3.0 platform from June 2025 onwards to bring about a complete transformation in how employees access and maintain their PF accounts. In this updated system, all PF-related services will become entirely online, thus conferring maximum convenience.
Faster And Easier Services
According to the Ministry of Labor and Employment report, the EPFO 3.0 system will be launched in June 2022. Their priority is to ensure quick, easy, and transparent services to PF holders. EPFO 3.0 will make it easier and speedy for withdrawal of money, claim settlement, redressal of complaints, and updation of data for millions of employees thereby reducing their hardships.
Digital ATM Card-Like Facility
Among the most thrilling features of EPFO 3.0 are the ATM card-like services that will be offered to account holders. This card will work as a debit card enabling users to withdraw money directly from the PF account via ATM and UPI. To avail of this facility, account holders will be required to link their card with UAN, verify it through OTP, and proceed with withdrawing cash effortlessly. Most importantly, it will bring about great ease in accessing PF funds.
Effortless Updates And Corrections
The solution EPFO 3.0 will offer better data management to the users. The data-holders can update their details, i.e., name, date of birth, gender, nationality, parents’ names, marital status, and date of joining employment, through a mobile-friendly system without any paper works. The new system will instead be based on OTP verification, which will dispense with filling out the old forms and producing any additional documents. This would make the updates simple and will certainly enable easier data corrections.
Withdrawals Up To ₹1 Lakh
Under EPFO 3.0, one can withdraw ₹1 lakh via ATM and UPI, much as one would from a debit card. The card will take care of balance checking, rectification of data, nominee change, and other basic services.IBCELI sets to bring out similar digital services for GPF and PPF accounts in the future, which will give a big boost to digitized financial services.
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