The Employees’ Provident Fund Organisation (EPFO) is scheduled to launch EPFO 3.0, an updated system intended to make fund management easier for subscribers, according to Union Labour Minister Mansukh Mandaviya.

While inaugurating EPFO’s Telangana zone office and regional office in Hyderabad, Mandaviya remarked that the enhanced system will bring EPFO’s services closer to a banking experience.

Know The Key Features Of EPFO 3.0

Facilitating ATM Withdrawals: One of the main features of EPFO 3.0 is that, similar to bank accounts, users will soon be able to take their provident funds out of ATMs. As a result, people won’t need to go to EPFO offices and wait in a queue to get their funds.
EPFO Will Operate Like A Bank: The upgraded system will operate like a banking service. Subscribers will be able to conduct various transactions swiftly, simply, and smoothly using a Universal Account Number (UAN).
Quicker and Faster Services: According to the Union Minister, EPFO is enhancing its services with a pro-people stance, which should reduce customer complaints. Thanks to the organisation, fund transfers, claim processing, and subscriber data updates are becoming simpler and faster.
Improved Convenience For Retirees: The new system would allow pensioners to take their money out of any bank, giving them more freedom and ease.