Mumbai: The Employees’ Provident Fund Organisation (EPFO) is preparing a major upgrade to its system under the new EPFO 3.0 initiative. The move is expected to bring big relief to crores of salaried employees across India.
Under the new system, members may soon be able to withdraw their PF money directly through UPI. This means employees will no longer have to wait for long approval processes or visit offices repeatedly.
Union Labour Minister Mansukh Mandaviya said the new facility is being developed to make PF withdrawals faster, simpler and fully digital.
No More Long Waiting Periods
At present, PF withdrawal is considered a lengthy process. Employees first need to fill out claim forms on the EPFO portal. After this, KYC verification and employer approval are required.
If any mistake is found in the documents, the process starts again. In many cases, people wait 7 to 10 days or even longer to receive their money.
With EPFO 3.0, users will be able to check their withdrawal limits through the UMANG app and transfer funds directly into their bank accounts using QR codes or UPI.
ATM Withdrawal Facility Also Planned
The government is also planning to introduce ATM-based PF withdrawals in the future. This would allow people to access their EPF money just like regular bank cash withdrawals.
One of the biggest changes is that employer approval may not be required in many cases. This will especially help employees who changed jobs or whose companies have shut down.
Higher Auto-Settlement Limit
EPFO has also increased the auto-settlement limit from ₹1 lakh to ₹5 lakh. This will help members withdraw larger amounts more quickly during emergencies.
The government said testing of the new system has been completed and technical improvements are currently underway before launch.
EPFO is also preparing WhatsApp-based services where users can check account details, claim status and receive updates through an official verified number.
