Employee Benefits: EPFO to Launch EPFO 3.0 Soon, Know What’s New and Other Key Changes

EPFO News: The Employees’ Provident Fund Organisation (EPFO) plans to implement significant reforms with the launch of a new digital platform, EPFO 3.0. This program intends to streamline and digitise several services, including provident fund (PF) withdrawals and personal information changes, for nearly 9 crore members. According to Central Labour Minister Mansukh Mandaviya, EPFO 3.0 will enable users to access account information and perform activities like as form filing and claim settlement from home, removing the need for office visits. The new system will also allow PF fund withdrawals via ATM and UPI, with further integration planned for the General Provident Fund (GPF) and Public Provident Fund (PPF). Additionally, the auto-claim settlement ceiling has been increased from Rs 1 lakh to Rs 5 lakh.

EPFO 3.0 Benefits

EPFO 3.0 will provide increased digital access to personal information via the Universal Account Number (UAN), such as name, date of birth, gender, nationality, and marital status, without the need for additional verification. The new platform will further streamline procedures by eliminating requirements such as employer consent for pay changes and PF transfers, as well as the need to provide photos of chequebooks and passbooks. EPFO 3.0 would increase support for workers in the unorganised and informal sectors by integrating existing social security plans such as the Atal Pension Yojana and Pradhan Mantri Jeevan Bima Yojana, as well as contributing to the larger Digital India effort.