New Delhi. Employees Provident Fund Organization is going to provide contribution withdrawal facility to its members through ATM from the beginning of next year. To start this facility, work is going on rapidly towards upgrading the existing system and introducing a new IT system 3.0. This can be approved in the EPFO ​​Central Board of Trustees (CBT) meeting to be held on Monday i.e. today.

The Union Ministry of Labor and Employment wants this facility to be implemented compulsorily in EPFO ​​from January 2026. Due to this, a proposal to implement the 3.0 system will be made in the meeting of the Central Board of Trustees (CBT).

A senior official associated with the matter said that the purpose of this upgrade is to simplify and modernize the digital services of EPFO, which will speed up the processes like withdrawal, fund transfer and claims settlement for about eight crore EPFO ​​members. Also, other services of EPFO ​​will also be tailored to the needs of the members.

Facilities like banking will be available
Keep in mind that the Ministry of Labor and Employment has been working on EPFO ​​3.0 since last year, which was to be implemented by now, but due to many technical reasons the work got delayed. In such a situation, now the ministry wants that the work should be completed within the stipulated time limit.

After the implementation of the new system, EPFO ​​will start working on the lines of the banking system. Members will be able to withdraw a specified amount in case of emergency. Through this, EPFO ​​will also provide services like banking to the members through the app.

Other issues will also be discussed in the meeting
There is discussion that a decision can be taken in the meeting to increase the minimum pension after 11 years, but sources say that till now the issue of pension increase is not included in the agenda of the meeting. Because, keeping social security in mind, the government is working towards bringing a separate Universal Pension Scheme, in which members can increase the pension by contributing as per their wish.

Therefore, there seems to be very little possibility that any decision will be taken regarding increasing the minimum pension. However, even at the last moment, some issues are included in the agenda. In the meeting, a decision can also be taken regarding the withdrawal of reserve fund to EPFO ​​and its use. At the same time, the works to EPFO ​​Employment Incentive Scheme (ELI) started from August 1 will also be reviewed.

These facilities will be available
In case of need, members will be given the facility to withdraw funds up to a certain limit without any prior permission, which members will be able to withdraw from the ATM.
– The new system will be ready on the banking system, due to which the PF account will be automatically updated in real time upon withdrawal.
– The complete status of the member’s withdrawal claim will be visible online. We will be able to know where the medicine is stuck and when it will be resolved.
– On changing jobs, your PF account will be automatically transferred to the account of the new employer.
– The process of Aadhaar and KYC will be made faster and easier. You will be able to make any correction or update in PF account online.
– Facial recognition or one-time password (OTP) will be used for account login or changes, which will reduce fraud.
– In case of death of the member, the claim can be settled easily and quickly. Guardian certificate will not be required for minors.