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PF money will be withdrawn from ATM, app facility will also be available; know how EPFO 3.0 will be
PF ATM Withdrawal: Right now it is very difficult to use an EPFO account. It does not seem user-friendly at all. The Ministry of Labor is also aware of this. Therefore, preparations are being made to bring EPFO 3.0. This will make the use of a PF account as easy as mobile banking. PF account holders will also be able to withdraw money using an ATM. Let us know about all its features in detail.
In the new year 2025, operating the accounts of the Employees Provident Fund Organisation (EPFO), the largest social security shield for private sector employees-will be made like bank accounts. The third phase of reforms, EPFO 3.0, will be implemented to make the Employees Provident Fund accounts as convenient as banking transactions. Like mobile banking, the EPFO account holders will also get the option to operate their account from the mobile app.
The Ministry of Labor, engaged in a number of its modernizing and reforms through the Employee Provident Fund Organization, is confident that by mid-this-year, not just the nature but even the very look of the EPFO accounts will totally change. EPFO 2.0 reforms are currently being implemented to resolve all the problems, complaints, and challenges related to Employees' Provident Fund accounts. The biggest goal of this second phase of reform is to resolve the errors related to EPFO accounts and provide all the important information related to their account to its members in one click.
Highly placed sources in the Ministry of Labor said that before implementing EPFO 3.0, the second phase of reforms is being implemented rapidly and the target is to complete it in January-February. The ministry has also appointed an expert IT consultant for this. The biggest goal of EPFO 2.0 reforms is to completely centralize the Employees' Provident Fund accounts on the lines of core banking accounts.
