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Updates of EPFO 3.0: Employees’ Provident Fund Organization or EPFO is going to change a big thing soon, after which it will be easier to withdraw the money. On Friday, Union Labor and Employment Minister Mansukh Mandaviya said that the new version of EPFO will be able to start from next month, that is, May-June. After that, more than 9 crore account holders will get the benefit of this update.
The Labor Minister and Mandaviya further explained that the new platform will have the convenience of digital change, automated claim clearing, and ATM cash withdrawal. In addition, the steps will be straightforward and streamlined. Meaning after that EPFO account holders will neither need to go to the office for the claim nor have to fill a lengthy claim form.
EPF 3.0 will give a lot of ease to users
Mandaviya stated that with the version of EPFO 3.0, services will be much easier than before and will be implemented using a robust IT infrastructure. Besides easily viewing pension or withdrawal information, account holders will be able to update their details using OTP verification.
The Union Minister of Labour stated that the EPFO possesses a fund of Rs. 27 lakh crore with a ‘government guarantee’ and pays an interest of 8.25 percent. The prior centralized system of paying pensions has already benefited more than 78 lakh pensioners since they can receive payments to any bank account, and the requirement to hold accounts in regional banks has been eliminated.
No need to visit the branches
The government has also proposed consolidating a number of social security programs such as the Atal Pension Yojana, Pradhan Mantri Jeevan Bima Yojana, and the Shramik Jan Dhan Yojana to improve and expand the coverage of pensions. For better access to healthcare for workers, the ESIC beneficiaries will soon be able to receive medical services without cost in the hospitals annexed to the Ayushman Bharat Yojana.
Moreover, some private charitable hospitals will also be brought under its purview to expand social security. Currently, ESIC renders free medical services to around 18 crore people through 165 hospitals, over 1,500 dispensaries and 2,000 listed hospitals.
