EPFO 3.0 Enhanced Version To Be Launched Soon, ATM Withdrawals To Be Allowed, Says Union Labour Minister

Union Labour Minister Mansukh Mandviya in a speech at the inauguration of Employee’s Provident Funds Organisation EPFO's Telangana zonal office and regional office in Hyderabad said that EPFO 3.0 will be launched soon. The enhanced version is said to allow the direct ATM withdrawals of the subscribers' provident fund. He also gave credit to the Narendra Modi govt’s efforts towards the betterment of EPFO reforms and a better system and change in the withdrawal process to avoid visits to the office.

"In the coming days, the EPFO 3.0 version will be launched. This means EPFO will become equivalent to a bank. Like how transactions are carried out in a bank, you (EPFO subscribers) have your universal account number (UAN), and you will be able to do all your work," he said.

He emphasised that the new version is prepared to avoid the frequent EPFO office visits and long queues for withdrawals.” It is your money and you can withdraw it as and when you want. Now, you still need to visit the EPFO office, but in the coming days, you will be able to withdraw your money from the ATM whenever you want. We are carrying out such reforms in EPFO,” said Mandviya.

The minister has also virtually inaugurated a regional office in Naroda, Gujarat and set the foundation brick in Gurugram, Haryana. In his speech, he also emphasised the Primine Minister’s effort in the enhancement of accessibility and efficiency of EPFO reforms. “EPFO’s system is and working style has changed with a pro-people approach,” Mandviya highlighted.

He further detailed ongoing changes within the EPFO platform including streamlined fund transfers, claim processing, corrections in subscriber details, and the ability to withdraw pensions from any bank. These measures, he said, are intended to modernise the organisation and provide seamless services to beneficiaries. He also said that the EPFO is tirelessly working to better address customer problems and increase infrastructural potential to better serve the employees and EPF subscribers.

Union Minister of Mines and Coal G Kishan Reddy also addressed the event, he endorsed the reforms while praising the government and Prime Minister’s efforts in improving the services provided by the organization to millions of subscribers.