Employees Provident Fund Organization
EPFO (Employees’ Provident Fund Organization) is going to completely redesign its digital services. A major revamp of its website and system is being done. This will include a new portal, AI based language translation tool and many new features. This change is happening at a time when EPFO has recently announced relaxation in withdrawal rules and bringing facility related to UPI.
An official said that the entire system will be changed under EPFO 3.0. A new technical infrastructure will be created, core banking solution will be implemented in the backend and the portal will also be completely new. With this, services can be provided to both organized and unorganized employees in a better way. This system is being prepared keeping in mind the increase in the number of users and transaction volume in future. At present EPFO has about 8 crore active members and it has a fund of about Rs 28 lakh crore.
What changes will take place?
- According to government officials, in the new system
- There will be a completely new portal and backend software
- AI based tool will provide information in different Indian languages
- The entire system will be more centralized
- A framework like core banking system will be created, which will make the process faster and easier.
This change is part of the preparation to cover unorganized sector employees also under the new labor codes. EPFO can also take over the management of the fund of unorganized workers in future.
Facility to withdraw EPF money from UPI
EPFO is now working on such a facility so that employees can withdraw their EPF money through UPI also. It is reported that the Ministry is working on a system in which some part of EPF will remain safe (frozen) and the remaining amount can be transferred directly to the bank account through UPI. If everything goes as per plan, this facility can be started by April 2026. After this, the subscriber will be able to see the balance available in his account and can easily withdraw money by entering the UPI PIN. Overall, this digital transformation of EPFO is being considered a big step towards making services easier, faster and transparent for crores of employees.