EPFO 3.0: Major Digital Upgrade With ATM Withdrawals and Faster Claims
The Employees’ Provident Fund Organisation (EPFO) is preparing to roll out EPFO 3.0, a comprehensive digital transformation aimed at streamlining services for over 9 crore users. “According to Union Labour and Employment Minister Mansukh Mandaviya, the upgrade is expected to launch by May or June 2025. Moreover, it promises faster claims, ATM-based fund withdrawals, and, most importantly, a simplified user experience.”
What to Expect from EPFO 3.0
The new version will run on an advanced IT platform to enable auto-claim settlements, digital account corrections, and OTP-based updates, eliminating the need for lengthy form-filling or physical visits to EPFO offices.
Beneficiaries will be able to:
- Withdraw funds from ATMs
- Receive claims faster in their bank accounts
- Update account details using OTP verification
- Monitor pension entitlements easily
This upgrade is part of EPFO’s broader goal to ensure efficiency, accessibility, and transparency in its services.
Boosting Efficiency and Grievance Redressal
“Mandaviya highlighted that following the rollout of Version 2.01, the grievance redressal rate had already improved significantly. Building upon this progress, EPFO 3.0 is expected to further reduce complaints and simultaneously boost the ease of doing business for employers.”
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Expanding Social Security with Scheme Integration
The government is also working on integrating key social security schemes like:
- Atal Pension Yojana
- Pradhan Mantri Jeevan Bima Yojana
- Shramik Jan Dhan Yojana
This integration will enhance pension coverage and streamline benefits for workers.
Healthcare Access Through ESIC and Ayushman Bharat
In a move to strengthen healthcare access, ESIC beneficiaries will soon receive free treatment at Ayushman Bharat-empanelled hospitals, along with select charity-run private hospitals. Currently, ESIC serves over 18 crore people through 165 hospitals, 1,500 dispensaries, and 2,000+ empanelled hospitals.
Gig Economy Workers to Gain from New Job Opportunities
The Ministry of Labour and Employment has signed an MoU with Swiggy to bring gig workers under the National Career Service (NCS) portal. This collaboration is expected to generate over 12 lakh jobs in the next few years by listing delivery, logistics, and support roles.
India’s Largest Social Security System Gets Smarter
With a corpus of ₹27 lakh crore and an interest rate of 8.25%, EPFO remains one of the world’s largest social security organisations. In 2024–25, it collected ₹3.41 lakh crore through over 1.25 crore ECR filings by employers.
The launch of EPFO 3.0 marks a significant step toward smarter, faster, and more inclusive social security delivery for millions of Indian workers.