EPFO PF Withdraw:  Union Labor Minister Mansukh Mandaviya has said that the new system will be as convenient as banking. Many digital features will be provided in it, which will make transactions easier.

EPFO: The day is not far when EPFO ​​members can withdraw money from their Provident Fund (PF) account from ATM like a bank. The Employees' Provident Fund Organization (EPFO) is soon going to introduce a new system 'EPFO 3.0'. Union Labor Minister Mansukh Mandaviya said at an event in Hyderabad that the new system will be as convenient as banking. Many digital features will be provided in it, which will make transactions easier.

Mandaviya said, "EPFO 3.0 version will come in the coming days. After this, EPFO ​​will become equal to a bank. Just like transactions take place in a bank, you (EPFO subscribers) will be able to do all your work through Universal Account Number (UAN)."

User friendly designing

EPFO 3.0 will be an upgraded version of the existing system. It has been designed to make the withdrawal process faster and user-friendly. After this upgrade, EPFO ​​members will no longer have to run around government offices to get their PF money. Also, they will not have to take approval from their employers.

Members will be able to withdraw their PF money through ATM just like withdrawing cash from a bank account. EPFO ​​members will be able to manage their accounts using their Universal Account Number (UAN). It is not yet clear what will be the limit for PF withdrawal from ATM.

At present, a long and complicated process has to be followed to withdraw money from PF. The goal of EPFO ​​3.0 is to make money withdrawal, claim settlement and pension transfer more simple and quick.

Preparations to launch in May and June

EPFO is constantly making improvements to make user experience easier. Complaints regarding EPFO ​​services have reduced. Many new features like quick claim process, online option for name correction and pension withdrawal from any bank have been implemented.

The government plans to launch the EPFO ​​3.0 app in May and June this year. This app will provide users the facility to track PF balance, transactions and make withdrawals.

The Union Minister said that the money deposited in these accounts belongs to the employees, hence they should have the freedom to access it anytime and anywhere without any unnecessary delay.