EPFO 3.0: A major change is coming to the provident fund system; it will operate like banks..

There's good news for EPFO ​​members. Now, all workers across the country will be able to access all information related to their provident fund in their own language, with just one click, without having to visit any offices. The Employees' Provident Fund Organisation (EPFO) is completely revamping its system to provide faster, more transparent, and easier services to millions of people in the coming years. This transformation will be known as 'EPFO 3.0'.

Following the recent announcement of simplified withdrawal rules and the introduction of UPI-related facilities, the government is now preparing for the next major phase of reforms. According to a senior government official quoted by The Indian Express, the EPFO ​​will soon adopt a new portal, new backend software, and artificial intelligence-based language translation technology. The aim is to ensure that the system continues to function smoothly without any glitches, even as the number of members increases over the next 10 years.

The organization will operate on a centralized system.
Under EPFO ​​3.0, the EPFO ​​will completely redesign its technical infrastructure and adopt a centralized system similar to banking, known as Core Banking Solution. Just as a bank customer can conduct transactions at any branch in the country, an EPFO ​​member will be able to access services, register complaints, and get updates from any center. This will significantly reduce problems such as file delays, bureaucratic hurdles, and wasted time.

This transformation is taking place at a time when the EPFO's scope is expanding from the organized sector to the unorganized sector following the implementation of the new labor codes. According to reports, the administration of funds for unorganized sector workers may also be entrusted to the EPFO ​​in the future, which will be separate from the social security fund for gig and platform workers. Currently, the EPFO ​​has approximately 80 million active members and manages a corpus of about ₹28 lakh crore. A robust and modern technical infrastructure is considered essential for operating at such a large scale. Changes will be made to meet future needs.
An official said, “Under EPFO ​​3.0, a completely new framework will be developed, and a core banking solution will be implemented in the backend. This will enable us to handle the growing number of both organized and unorganized workers. The scale of operations will increase, so a complete overhaul of the system is necessary.  Currently, small improvements are being made, but the next phase is being designed keeping all future needs in mind.”

Not only technology, but language will also be a major part of this transformation. EPFO ​​now wants people living in different parts of the country to be able to access information in their mother tongue. For this purpose, AI-based translation tools will be used more extensively. The official said, “We will use local language tools like ‘Bhashini’ so that members can get information in their own language.” Bhashini is an artificial intelligence-based language translation platform developed by the Ministry of Electronics and Information Technology, capable of providing information instantly in various Indian languages.

Overall, the goal of EPFO ​​3.0 is not just to create a new portal, but to develop a digital system that is fast, reliable, and accessible to every worker in the country in their own language. If this plan is successful, provident fund-related processes could become much easier, more transparent, and time-saving than ever before.

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