PF money will be withdrawn from ATM, app facility will also be available; know how EPFO ​​3.0 will be

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.

At present, there are many complaints of EPFO ​​account data and details being left at the level of regional offices, while in cases related to transfer or change of job, many times complaints of adjustment of accounts come to the fore. After the centralization of accounts, members will not only have the facility to access their accounts easily but will also get to see the details of the contribution of the pension fund, etc. from the arrival of EPF contribution every month.

The Ministry of Labor has targeted to implement the third phase of reforms, i.e., EPFO ​​3.0 by June-July this year, in order to make EPF accounts as operable as banking. Under this, the accounts of members of the Employees Provident Fund Organization will be updated on the lines of core banking and a similar facility will be provided for operation.

Similarly, a separate mobile app is also being prepared for EPF accounts, just like mobile banking, through which the members will get the details of monthly contributions coming into their accounts, pension funds for the contribution of previous jobs, etc. on their mobile. A member will be provided with the facility of EPFO ​​ATM cards under these third-phase reforms, just like bank ATMs.

However, this ATM card withdrawal from EPFO ​​will be within the current rules and maximum limit. According to senior sources in the Ministry of Labour, actually the EPFO ​​3.0 reform will end the current phase of members of this largest social security organization in the country running around for their own deposited money.