EPFO 3.0 Benefits: To withdraw PF money, you have to wait several days by applying on the online portal. PF transfer automatic, balance will look immediately. App, portal better, KYC easy and pension services will be digital.
EPFO 3.0 New Features Employees: Employees Provident Fund Organization (EPFO) is bringing new changes. The new system of ‘EPFO 3.0’ will make it easier to withdraw money from PF account. After new changes, up to one lakh rupees will be able to extract quickly through UPI and ATM. Right now, one has to wait several days by applying on the online portal to withdraw PF money. However, after the new system comes, banks will be able to withdraw money immediately through ATM or mobile UPI apps. This will be a big relief for millions of employees.
On changing the job, employees have to apply to transfer the amount of PF to the new account. However, this process will become automatic after ‘EPFO 3.0’ is implemented. The PF account will be connected to the new employer as soon as the new company joins. Right now there is a delay in updating the amount in PF account. However, after new changes, PF balance can be seen immediately like a bank account.
Better mobile app and portal: The existing EPFO’s mobile app and website will be made more useful. Facilities like claim status, balance check will be easily available. Digital Verification: Aadhaar link, KYC will become easier in new arrangements. The scope of online services will increase. Pension Services: ‘EPFO 3.0’ aims to provide pension related services in digital and transparent ways. It is expected that problems like procedure, KYC problems, claim rejecting will be resolved by a new system.