The Employees’ Provident Fund Organisation (EPFO) is set to launch 'EPFO 3.0', a new system that will allow subscribers to withdraw their provident fund (PF) directly from ATMs.

Union Labour Minister Mansukh Mandaviya announced this at an event in Hyderabad, stating that the upgraded system will offer banking-like convenience with several digital features to simplify transactions.

"In the coming days, the EPFO 3.0 version will be launched. This means EPFO will function like a bank. Just as transactions are carried out in banks using a Universal Account Number (UAN), EPFO subscribers will be able to manage all their transactions easily," Mandaviya said.

EPFO 3.0 is an improved version of the current system, aimed at making the PF withdrawal process faster and more user-friendly. With this upgrade, members will no longer need to visit government offices or get approvals from their employers to access their PF funds. Instead, they can withdraw money directly from ATMs, just like a regular bank transaction.

Subscribers will manage their accounts using their Universal Account Number (UAN). However, details about withdrawal limits from ATMs are yet to be clarified.

Currently, withdrawing PF money involves lengthy paperwork and delays. EPFO 3.0 will revolutionize the process by enabling quicker fund withdrawals, claim settlements, and pension transfers.

EPFO has already introduced several reforms to improve user experience, such as faster claim processing, name correction options, and pension withdrawals from any bank. Complaints about EPFO services have significantly reduced.

The government plans to launch the EPFO 3.0 mobile app by May or June this year. This app will enable users to check their PF balance, track transactions, and make withdrawals easily.

The minister emphasized that since the funds belong to employees, they should have the freedom to access their money anytime, anywhere, without unnecessary delays.