EPFO is all set to launch its new version, EPFO 3.0, offering enhanced services to its subscribers. From ATM-based withdrawals to digital account corrections, the EPFO is expected to introduce a wide range of features aimed at making the PF withdrawal process more efficient and transparent.\n\nEPFO’s reforms include the Centralised Pension Payment System, which enables EPS 1995 pensioners to access their funds from any bank across the country.\n\nThe Employees' Provident Fund Organisation (EPFO) is gearing up to launch an updated platform, EPFO 3.0. It will go live between May and June 2025, the Union Labour and Employment Minister Mansukh Mandaviya said in April.\n\n“EPFO will soon implement Version 3.0 with the help of a robust IT platform to provide seamless and simplified services, including auto-claim settlements, digital corrections, and ATM-based fund withdrawals,” the minister was reported as saying by news agency PTI last month.\n\nOne of the major features of the new EPFO platform will be that beneficiaries will be able to withdraw funds directly from ATMs. Here are all the updates you can expect from EPFO 3.0:\n\nEfficient processing: EPFO has made claim processing easier and quicker for its members, along with introducing auto-claim settlement, which will settle claims automatically without manual intervention. ATM-withdrawals: Beneficiaries may be able to withdraw EPF funds using ATMs once the claims are settled, just like bank withdrawals. Digital services: Members will be able to access many online services including account detail corrections. Subscriber details will be open for digital correction, streamlining the process. OTP-based authentication: Beneficiaries will also be able to update account details through OTP-based verification, removing the need for lengthy, time-consuming forms.\n\nPension accessibility\nEPFO’s reforms include the Centralised Pension Payment System, which enables EPS 1995 pensioners to access their funds from any bank across the country. Offering greater flexibility, beneficiaries can now withdraw their pensions from any bank without the need to visit any specific branch or office for verification. This has led to a faster disbursement of funds, better access and a simplified process for beneficiaries. As of January 2025, nearly ₹1,570 crore was already disbursed to over 68 lakh beneficiaries.\n\n“The full-scale implementation of the Centralized Pension Payments System (CPPS) across all Regional Offices of EPFO is a historic milestone. This transformative initiative empowers pensioners to access their pension seamlessly from any bank, any branch, anywhere in the country. It eliminates the need for physical verification visits and simplifies the pension disbursement process. CPPS is a testament to our commitment to modernizing EPFO services and ensuring convenience, transparency, and efficiency for our pensioners. With this rollout, we are setting a new benchmark in pension service delivery, aligning with the vision of a tech-enabled and member-centric EPFO,” employment minister Mandaviya said on January 3 in a labour ministry release.\n\nThe EPFO is also considering integrating other social security schemes like the Atal Pension Yojana and the Pradhan Mantri Jeevan Bima Yojana to further enhance the pension ecosystem in India, making it more accessible for unorganised and informal sector workers.\n\nGrievance portal\nUnder EPFO 3.0, the provident fund body is expected to improve its grievance redressal mechanism and address the concerns of its members more effectively. The updated version is anticipated to be quicker in issue resolution and offer a user-friendly experience to beneficiaries.\n\nESIC Services\nFor healthcare, the Employees’ State Insurance Corporation (ESIC) is working on enhancing its services. ESIC beneficiaries may soon be eligible for free treatment at hospitals aligned under the Ayushman Bharat scheme, ensuring expanded coverage to include private hospitals, as well as charitable hospitals. At present, the ESIC provides medical services to 18 crore Indians through 165 hospitals associated with it.

EPFO 3.0 platform changes: ATM withdrawals, auto claim settlement, faster processing and more expected

The Employees' Provident Fund Organisation (EPFO) is set to launch its updated platform, EPFO 3.0, with features like ATM-based fund withdrawals, auto-claim settlements, and digital account corrections. The system will also include a Centralised Pension Payment System (CPPS) to allow EPS 1995 pensioners to access funds from any bank. The Union Labour and Employment Minister, Mansukh Mandaviya, highlighted these reforms, emphasizing efficiency, transparency, and accessibility. The EPFO is also exploring integration with social security schemes like Atal Pension Yojana and Pradhan Mantri Jeevan Bima Yojana to expand pension access for informal sector workers.