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Union Labour Minister Mansukh Mandaviya introduced that EPFO is ready to introduce ‘EPFO 3.0’, bringing banking-like comfort to its subscribers. “Within the coming days, the EPFO 3.0 model will come. This implies the EPFO will turn out to be equal to a financial institution. Like transactions are carried out in a financial institution, you (EPFO subscribers) have your Common Account Quantity (UAN), and it is possible for you to to do all of your work,” Mandaviya stated.
EPFO 3.0 is an improved model of the present system, designed to make the withdrawal course of sooner and extra user-friendly. With this improve, EPFO members will not have to go to authorities places of work or get approvals from their employers to entry their PF cash. As an alternative, they’ll be capable to withdraw their funds by ATMs, similar to withdrawing money from a checking account.
The subscribers will be capable to handle their accounts utilizing their Common Account Quantity (UAN). It’s not clear but what restrict shall be set for PF withdrawals from ATMs. Presently, withdrawing PF cash entails paperwork and takes a very long time to course of. EPFO 3.0 goals to vary this by making fund withdrawals, declare settlements, and pension transfers a lot easier and faster.
The EPFO has been making a number of reforms to enhance consumer expertise. Complaints about EPFO providers have decreased, and new options like sooner declare processing, identify correction choices, and pension withdrawals from any financial institution have already been launched.
The federal government plans to launch the EPFO 3.0 app by Might or June this 12 months. This app will permit customers to test their PF steadiness, monitor transactions, and make withdrawals simply. The minister emphasised that for the reason that cash in these accounts belongs to the staff, they need to have the liberty to entry it anytime and wherever with out pointless delays. (With IANS Inputs)
