EPFO 3.0 Update: ATM withdrawals may be postponed until next year, read full details..
The launch of EPFO 3.0 now appears to be postponed until early next year. According to media reports, ATM withdrawals, a key initiative under the upcoming EPFO 3.0 plan, are expected to be implemented from January 2026. In March this year, Union Labor and Employment Minister Mansukh Mandaviya stated that the upcoming EPFO 3.0 will make the EPFO system as accessible as a bank and facilitate ATM withdrawals. The report states that the Central Board of Trustees (CBT), the highest decision-making body of the EPFO, is likely to approve the ATM withdrawal proposal at its next board meeting. This meeting is expected to be held in the first half of next month.
All preparations complete
A Moneycontrol report states that the IT infrastructure for ATM withdrawals is ready. It is expected that the modalities and other operational details will be discussed at the CBT meeting next month.
You can withdraw all your money from EPFO! The government may provide relief to millions of people.
Deepika Padukone's trainer reveals 5 Pilates exercises that will improve your mood.
The retirement fund body has introduced several reforms over the past year to benefit approximately 78 million customers. These reforms aim to simplify the claim settlement process and reduce complaints related to claim rejections.
In a major relief to members, the EPFO has eliminated the requirement to upload a photo of a check leaf or verified bank passbook when filing online claims.
To streamline the process of linking bank accounts with UAN, the EPFO has now removed the requirement for employer approval after bank verification.
What will be the new changes?
Faster PF withdrawals: The retirement fund body will ensure that claim settlements are automated, and there will be no need for manual processes under EPFO 3.0.
ATM Withdrawal: Members will be allowed to withdraw a portion of their PF funds directly from ATMs.
Easy Online Correction: Members will no longer need to fill out forms or visit the EPFO office to update or correct account details, as they can do so from home at any time.
Social Security Integration: EPFO may integrate schemes like the Atal Pension Yojana and Pradhan Mantri Jeevan Bima Yojana, providing better coverage to workers in the unorganized sector.
OTP-Based Verification: Instead of lengthy paperwork, make quick and secure changes using OTP.
PF Management Will Be Easier
Under EPFO 3.0, members can expect major changes that will make PF management easier and faster for them. The ATM withdrawal facility will be one of the most anticipated features under the implementation of EPFO 3.0. Furthermore, other improvements such as instant claim settlement, online corrections, and OTP-based services will make the system more user-friendly.
Disclaimer: This content has been sourced and edited from News 18 hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
