PF ATM Withdrawal Currently, it is very difficult to use the EPFO account. It does not seem user-friendly at all. The Ministry of Labor is also aware of this. Therefore, they are preparing to bring EPFO 3.0. This will make the use of PF account as easy as mobile banking. PF account holders will also be able to withdraw money using ATM. Let us know about all its features in detail.
In the new year 2025, operating the accounts of the Employees Provident Fund Organization (EPFO), the largest social security cover for private sector employees, like bank accounts will be made a reality. 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, EPFO account holders will also get the option to operate their account through mobile app.
EPFO’s look will change this year
The Ministry of Labor, which is engaged in its modernization and reforms through the Employees Provident Fund Organization, hopes that not only the nature but also the appearance of EPFO accounts will change completely by the middle of this year.
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.
Account access will be easily possible
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, complaints of adjustment of accounts are often reported. 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 pension fund etc. from the arrival of EPF contribution every month.
To make EPF accounts as convenient as banking, the Ministry of Labor has set a target to implement the third phase of reforms i.e. EPFO 3.0 by June-July this year. In this, the accounts of the members of the Employees Provident Fund Organisation will be updated on the lines of Core Banking and similar facility will be provided for operation.
A special app will be launched for EPF accounts
Like mobile banking, a special app is also being prepared for EPF accounts through which members will get the details of monthly contributions to their account, pension fund, contributions from previous jobs etc. on their mobile phones. Under these third phase reforms, members will get the facility of EPFO ATM card like bank ATM.
However, withdrawal from EPFO through this ATM card will be within the current rules and maximum limit. Senior sources in the Ministry of Labor said that in fact 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.