EPFO is preparing to launch 3.0 with AI and new portal.Image Credit source: ChatGPT
The Employees’ Provident Fund Organization (EPFO) is all set to launch the new phase of its reforms, which is being called EPFO 3.0. This announcement comes shortly after the retirement fund body relaxed withdrawal rules and proposed a UPI-linked withdrawal facility. The Indian Express report quoted an official as saying that EPFO 3.0 will have a new portal and a new backend software, through which these changes will be implemented in the next decade. An official said in a media report that the new EPFO 3.0 will also include AI-based language tools, which will make services more accessible to members.
What will EPFO 3.0 look like?
The changes being made under EPFO 3.0 will comprehensively reform the structure of the organization as it will move towards core banking solutions by expanding its scope to meet the needs of workers in both formal and informal sectors after the implementation of the new labor code. Core banking solution is said to be a key feature of EPFO 3.0, which enables centralized operations similar to banks, where customers can resolve their problems anywhere in the country. According to the Indian Express report, EPFO may also get control over the administration of the retirement fund of gig and platform workers.
The official quoted the media report as saying that under EPFO 3.0, there will be a complete change, new structure will be implemented, and there will be a core banking solution in the backend. We will be able to meet the needs of all formal and informal labourers. In this, the increase in the amount of work will be taken into account. There will be changes in the entire system including the portal. At present, the change is happening phasewise. All future needs will be taken care of in the next phase. EPFO currently has about eight crore active members and its fund is more than Rs 28 lakh crore.
AI-based language tool
Another new feature of EPFO 3.0 will be an AI-based language tool, designed to help members solve problems in their mother tongue. The officer said in the media report that we will use local language tools like Bhashini to give information in local language. Bhashini is an AI-based language translate platform developed by the Ministry of Electronics and Information Technology.
EPFO 3.0 will start soon
Development work under EPFO 3.0 is expected to begin soon as the retirement body is in the final phase of preparing a tender for selection of the company to implement, operate and maintain the IT platform for the revised structure of EPFO. The official said that the tender is almost ready, financial investigation is going on. It will be released soon.