In a significant development aimed at enhancing convenience for millions of Employees’ Provident Fund Organisation (EPFO) subscribers, Union Labour Minister Mansukh Mandaviya announced that the organisation will soon launch the “EPFO 3.0 version.” This upgrade is expected to bring the EPFO system on par with modern banking, introducing new features such as ATM withdrawals and seamless digital transactions.
Speaking at the inauguration of EPFO’s Telangana Zonal Office and Regional Office, Mansukh Mandaviya emphasized that the upcoming reforms would make EPFO services more accessible and user-friendly. “In the coming days, EPFO 3.0 will be introduced. This means EPFO will function like a bank, enabling users to handle transactions seamlessly. Subscribers with a Universal Account Number (UAN) will be able to conduct all their financial activities without visiting an EPFO office or their employer,” he stated.
One of the most groundbreaking changes under EPFO 3.0 will be the ability for subscribers to withdraw their funds directly from ATMs. Mansukh Mandaviya assured that with these reforms, EPFO members would have complete control over their funds, eliminating the need for physical visits to EPFO offices. “It is your money, and you will be able to access it whenever you need,” he affirmed.
Mansukh Mandaviya virtually inaugurated the Regional Office in Naroda, Gujarat, and laid the foundation stone for staff quarters in Gurugram, Haryana. He highlighted that under Prime Minister Narendra Modi’s leadership, EPFO is undergoing significant transformations aimed at improving efficiency, reducing complaints, and making the system more people-centric. The number of grievances has been steadily declining, while the range of services offered by EPFO has been expanding, he added.
The minister also outlined some of the recent reforms introduced to benefit EPFO members. These include hassle-free fund transfers, streamlined claim processing, and simplified name correction procedures. Furthermore, subscribers can now withdraw their pension from any bank, adding another layer of convenience.
Union Minister of Coal and Mines G Kishan Reddy also addressed the gathering, highlighting the government’s commitment to improving financial access and digital infrastructure for workers across the country. The enhanced EPFO platform is expected to provide greater flexibility and ease of access for subscribers, ensuring that they can manage their retirement savings with minimal bureaucratic hurdles.
With EPFO 3.0 set to roll out soon, the shift towards a banking-like experience is poised to redefine the way millions of employees interact with their provident fund accounts, reinforcing the government’s push towards financial inclusion and digital empowerment.
