The Employees’ Provident Fund Organisation (EPFO) is set to unveil its upgraded system, EPFO 3.0, by March 2025, with the goal of simplifying fund access and enhancing grievance redressal mechanisms for its members.
According to Labour and Employment Minister Mansukh Mandaviya, the revamped digital platform will allow members to withdraw funds, check account balances, and resolve discrepancies with greater ease.
“The people can access their money easily. Processes are being streamlined on the digital platform to make it more robust and accessible, allowing members to check and rectify any issues with their accounts,” said Mandaviya. He further noted that significant progress has already been achieved, with 50% of complaints resolved to date.
One of the highlights of EPFO 3.0 is introducing a bank-level grievance redressal system and potential facilities that will enable members to withdraw their corpus using ATM-like cards.
While details of this feature are yet to be finalised, it underscores the shift towards creating a more user-friendly experience.
Labour Secretary Sumita Dawra also revealed that some functionalities could be available as early as January 2025. “We are settling claims quickly and working to make the process easier, improving the ease of living for members”.
“Claimants and beneficiaries will soon be able to access their claims conveniently through ATMs with minimal human intervention,” Dawra said.
The technological overhaul aims to address limitations in the current system that restrict accessibility to funds.
The upgraded platform will ensure members can easily manage their accounts online, check their account status, and withdraw funds when needed, especially during emergencies.
With EPFO 3.0, the organisation is poised to deliver a seamless, efficient, and modern experience, empowering millions of members with better access to their savings.