Good news for PF subscribers! EPFO 3.0 to roll out soon; know its key features and more

Union Labour Minister Mansukh Mandaviya, on Thursday, i.e., March 7, announced that the Employees Provident Fund Organisation (EPFO) will soon launch the "EPFO 3.0 version". 

He added that the fresh version will allow the subscribers to withdraw funds directly from ATMs, along with some additional features. 

"In the coming days, EPFO 3.0 version will come. This means EPFO will become equivalent to a bank. Like how transactions are carried out in a bank, you (EPFO subscribers) have your Universal Account Number (UAN) and you will be able to do all your work", Mandaviya said while speaking at the inauguration of EPFO's Telangana zonal office and regional office in Hyderabad. 

Providing details on EPFO 3.0, he added,  "Neither do you to have visit EPFO offices nor do you have to go to employer. It is your money and you can withdraw it as and when you want. Now you still need to go to EPFO offices. I promise you, in the coming days, you can withdraw your money from ATMs whenever you want. We are carrying out such reforms in EPFO."

The minister further emphasised that under the leadership of Prime Minister Narendra Modi, EPFO is undergoing significant reforms. 

Key features of EPFO 3.0 

One of the key highlights of EPFO 3.0 is that the subscriber will be able to withdraw funds from ATM, just like a banking system. This implies that it will facilitate withdrawal of EPFO funds anytime, anywhere. 

Similarly to a banking system, the subscribers, with the help of a Universal Account Number (UAN), will be able to proces transactions smoothly.