• Source:JND
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Employees’ Provident Fund (EPF) subscribers will soon be able to withdraw their funds directly from ATMs, as part of a major technology upgrade of the Employees’ Provident Fund Organisation (EPFO). The facility is being introduced under EPFO Version 3.0, which is expected to be launched starting May or June 2025. The digital overhaul aims to simplify processes and enhance accessibility for over 9 crore account holders.

Union Labour and Employment Minister Mansukh Mandaviya announced that the upcoming Version 3.0 will operate on a robust digital platform, enabling ATM-based withdrawals, auto-claim settlements, digital corrections and easier account management using OTP-based verifications. The overhaul is aimed at making EPFO accessible and efficient, the union minister said in an interview with the news agency PTI.

With faster claim settlements, subscribers will receive funds promptly in their bank accounts. The Centralised Pension Payment System already allows over 78 lakh pensioners to receive payments in any bank across India and further improvements are underway to broaden this ease of access.

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Mansukh Mandaviya also stated that the government is considering integrating multiple social security schemes, such as the Atal Pension Yojana and Pradhan Mantri Jeevan Bima Yojana, to offer a more cohesive safety net. Meanwhile, the Employees’ State Insurance Corporation (ESIC) will extend free healthcare to workers at Ayushman Bharat-empanelled hospitals and select charitable private hospitals.

Since Version 2.01, EPFO has halved its grievance cases. Now holding a corpus of Rs 27 lakh crore and offering 8.25 per cent interest, the organisation continues to improve member services and efficiency. In 2024-25, EPFO collected Rs 3.41 lakh crore via 1.25 crore electronic challans.

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Union Minister Mansukh Mandaviya reaffirmed EPFO’s commitment to simplifying processes and strengthening labour welfare and compliance mechanisms through this digital transition.

(With PTI Inputs)