The Employees Provident Fund Organisation (EPFO) is going to launch its new platform EPFO 3.0 very soon. EPFO 3.0 will have a strong IT platform, which aims to make bank-like services accessible to the members. Union Labor and Employment Minister Mansukh Mandaviya said last month that this new system will be operational between May and June 2025.
The minister has said that EPFO 3.0 will be a reliable platform, which will give many new facilities to more than 9 crore subscribers without any hassle. Like automated settlement of your claim, correcting mistakes digitally, and most importantly, the facility of withdrawing funds directly from the ATM. The biggest advantage will be that now members will be able to withdraw EPF money from an ATM-like bank account.
So let's know what new changes are going to happen in EPFO 3.0:
1. The PF withdrawal process will be very easy and fast: Now the settlement of claims will be done automatically, and there will be no need for manual work.
2. ATM withdrawal: As soon as the claim is approved, you will be able to withdraw your money from the ATM like a bank account.
3. Digital correction: You can correct your account information online from home, which will eliminate the hassle of filling out forms.
4. Integration of social security schemes: EPFO is now considering including other social security schemes like Atal Pension Yojana and Pradhan Mantri Jeevan Bima Yojana in its system so that workers in the unorganized and informal sector can also get better benefits of pension and security.
5. OTP-based verification: Instead of long forms, now you will be able to make quick and secure changes through OTP.
ESIC health services
The Employees State Insurance Corporation (ESIC) is also upgrading its services. Soon ESIC beneficiaries will be able to avail free treatment in government, private, and charitable hospitals under the Ayushman Bharat scheme. Currently, ESIC is providing medical facilities to 18 crore people through 165 hospitals.
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