Key Highlights:
✅ EPFO 3.0 to be completed by March 31
✅ Bank-like withdrawal system for PF accounts from June 2025
✅ Faster claims, pension disbursement, and online services
✅ Aadhaar-based payment system (ABPS) to be implemented
EPFO 3.0 to Bring Banking-Like Services
The Employees’ Provident Fund Organization (EPFO) is set to introduce banking-like facilities for its members under EPFO 3.0, expected to roll out by mid-June 2025. The Centralized IT-Enabled System (CIETS 2.01) is targeted for completion by March 31, 2025, after which a trial phase will begin.
💡 Key Benefits for EPFO Members:
✔️ Instant PF withdrawals on the lines of bank transactions
✔️ Increase contribution amount online seamlessly
✔️ Faster claim settlements & pension disbursements
✔️ Elimination of unnecessary verifications for partial withdrawals
Withdraw PF Like a Bank – How Will It Work?
🔹 EPFO members will be allowed to withdraw a fixed amount from their PF accounts whenever needed, similar to how a savings bank account works.
🔹 The withdrawal process will be simplified, making it easier for members to access their money quickly.
🔹 Additional features like online contribution adjustments will be introduced.
📢 This move aims to provide social security coverage using advanced digital technology.
Faster Pension & Digital Reforms
The Executive Committee (EC) of EPFO held its 112th meeting, where key reforms were discussed, including:
✔️ Accelerated digital transformation for better service delivery
✔️ Seamless pension disbursement with minimal delays
✔️ Implementation of Aadhaar-Based Payment System (ABPS) for pension payments
✔️ Updating of pension applications in line with the Supreme Court’s November 4, 2022 decision
📌 The transition to ABPS will ensure that pension payments are deposited directly into Aadhaar-linked bank accounts, making the system more secure and efficient.
What’s Next for EPFO Members?
🚀 March 31, 2025: EPFO 3.0 & CIETS 2.01 system upgrade completion
📅 Mid-June 2025: Full rollout of bank-like PF withdrawal services
🏦 Aadhaar-based pension payments to be fully implemented
💡 With these changes, EPFO members will experience faster, smoother, and more secure access to their Provident Fund savings!
