EPFO: Employees Provident Fund Organization (EPFO) is going to make a big change in the rules for its crores of members. Soon a new digital platform EPFO 3.0 will be launched. This will make many banking works easy and transparent from ATMs like PF withdrawal, digital improvement etc. Union Labor and Employment Minister Mansukh Mandavia gave this information. He had said that EPFO would serve as a reliable platform for more than 3.09 crore customers. In which many facilities will be available. The biggest advantage of this will be that now PF account money can also be withdrawn from ATMs.
PF withdrawal from ATM and UPI
The biggest change in EPFO 3.0 is that PF funds can be extracted through ATM and UPI. It is being said that this facility may also apply to the General Provident Fund (GPF) and Public Provident Fund (PPF) in future.
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Withdrawing money will be easy.
After the implementation of EPFO 3.0, the process of extracting PF will be quite easy and faster. Because the need for manual work will also be reduced. The claim process will be completely automated. Currently, self -claim settlement limit has been increased from Rs 1 lakh to Rs 5 lakh.
Digital profile updates and improvements
With the EPFO 3.0, members will be able to update information like names, births, gender, nationality, parents’ names, matrimonial status and job date through their Universal Account Number (UAN). This means that members will not need any other document.
Centralized payment payment system (CPPS)
EPFO has already implemented centralized pension system. In which pensioners have been given the facility to extract their pension from any bank branch of the country. They do not need to go to a specific branch or office for pension.
Problems will be solved soon.
Complaints under EPFO 3.0 will also be redressed. Employees State Insurance Corporation is also working to improve its services.
Other benefits of EPFO 3.1
Claim processing time can be reduced.
Now the need to upload a checkbook or bank passbook photo is over. 3.
The condition of the employer’s approval for PF transfer while changing the job has been terminated.
The purpose of EPFO FO 3.0 is to make the platform more secure, easy and transparent for members.
This will not only increase the facilities of employees and pensioners but will also strengthen the dream of Digital India.
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