Employees Provident Fund Organization (EPFO) is going to launch a new digital platform to provide convenient services to around 9 crore customers. Union Labor and Employment Minister Mansukh Mandavia said that this portal will increase transparency and make many banking transactions to PF possible through ATM and UPI.
Major five changes of EPFO 3.0
PF withdrawal from ATM and UPI
Now the officers will be able to withdraw money directly from any ATM machine and can also transfer their account through the UPI app. In future, this facility is also under consideration for GPF and PPF account holders.
Automated claim processing
Currently, the disposal of small claims of PF (up to ₹ 1 lakh) is automatic. In EPFO 3.0, this limit will be increased to ₹ 5 lakh and the entire claim process will be fulfilled without arbitrary intervention.
Digital profile update
By logging on to the UAN portal, members will be able to directly update information like their name, date of birth, gender, matrimonial status, parents’ name and job joining date-without any documentary proof.
Centralized pension payment system (CPPS)
CPPS already implemented will improve so that pensioners can recover their pension from any bank branch of the country. With this, they will not have to be limited to a particular bank or branch.
Fast-track complaint solution
SLA time for disposal of complaints under EPFO 3.0 will be less. Real time check can be done by generating tickets on the self-service portal.
Additional benefits to EPFO 3.0
- Fast claim turnaround: expecting average claim disposal time to decrease.
- Documentary-free transactions: The need to upload the photo of bank passbook or checkbook is over.
- Simple PF Transfer: Ends obstruction of OK from new employer on job change.
- Support of Digital India’s goals: Financial inclusion and technical self -sufficiency will increase.
- The aim of the EPFO 3.0 is to make the PF system more secure, transparent and user-friendly, so that both employees and pensioners can get a digital experience.
