EPFO 3.0: Centralised database, UPI and ATM withdrawal options, quicker settlement — Changes for subscribers, explained
Google News
EPFO 3.0 introduces a centralised database, UPI and ATM withdrawal options, and faster settlement times to streamline provident fund services for subscribers.Summary
The Employees' Provident Fund Organisation (EPFO) is rolling out a major digital upgrade known as EPFO 3.0, which aims to modernise the retirement fund system by moving to a centralised database and enhancing online services. Key changes include the ability to withdraw 50% to 75% of EPF balances via UPI or UPI-enabled ATMs, faster claim settlements with an auto-settlement limit increased to ₹5 lakh, and the use of face authentication technology for UAN activation. Additionally, the system allows for digital responses to queries and automatic PF transfers upon job changes, replacing the previous manual and paper-based processes.
(Source：Google News)