The new version aims to improve service delivery for more than 9 crore EPF members through a modern IT system. It will include features such as auto-claim settlement, digital account corrections, and ATM-based fund withdrawals.
What EPFO 3.0 will offer?
Here are the expected features of EPFO 3.0:
ATM withdrawals of EPF funds
EPF members may be allowed to withdraw funds directly from ATMs after claim approval, similar to regular bank transactions.
Auto-claim settlement
The platform will support automatic settlement of claims, reducing reliance on manual processing.
Digital corrections
Subscribers will be able to correct account details online, streamlining processes such as name or date of birth updates.
OTP-based verification
EPFO is expected to enable OTP-based updates for subscriber information, replacing traditional form-based procedures.
Improved grievance redressal
The revamped system is likely to include a faster and more responsive complaint resolution mechanism.
Potential integration with other schemes
The EPFO is also exploring integration with social security schemes such as the Atal Pension Yojana and Pradhan Mantri Jeevan Bima Yojana. This move could expand coverage for workers in the unorganised and informal sectors.
ESIC services update
The Employees’ State Insurance Corporation (ESIC) is working on expanding access to healthcare. ESIC beneficiaries may soon be able to get free treatment in government, private, and charitable hospitals under the Ayushman Bharat scheme.
Currently, ESIC provides medical services to 18 crore individuals through 165 hospitals across India.
