As part of its ongoing efforts to improve retirement savings management, the Employees' Provident Fund Organisation (EPFO) is all set to introduce a new advanced software system. Union Labour Minister Mansukh Mandaviya recently confirmed that EPFO 3.0 will be launched by June 2025, bringing many new features to enhance the user experience for EPF subscribers.

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EPFO 3.0's inclusion of ATM-based withdrawals for EPF members is one of its most significant features. This will allow employees to access their provident fund savings conveniently and address financial emergencies with ease. Last month, Labour Secretary Sumita Dawra affirmed that EPFO members will be allowed to use ATMs to receive their Provident Fund (PF) funds by 2025. She said that the Ministry of Labour is working to improve IT infrastructure so that EPF members throughout India have greater access to funds.

EPFO 3.0 will have an updated website with an easy-to-use interface, which will simplify account administration for consumers along with the ATM withdrawal capability. The upgraded platform will provide a seamless experience similar to what users find in banking systems.

Also, the EPFO is considering making adjustments to the Employees' Pension Scheme (EPS) that would allow for greater contribution flexibility. Employers and workers currently contribute 12 per cent of the employee's base pay to the pension fund but under the new system, employees may be able to modify their payments in order to meet their financial goals.

At present, subscribers of the Employees’ Provident Fund Organisation (EPFO) typically face a waiting period of 7 to 10 days for the settlement of their claims. Once the claims are settled, the funds are transferred directly to the beneficiaries’ bank accounts.

The initial stage of the system modifications which is anticipated to be completed by the end of January 2025, includes the new website and backend improvements. EPFO 3.0 is anticipated to revolutionise retirement fund management for millions of workers with these modifications, giving them improved access to their money when they need it most and simplifying the process of managing their savings.

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