EPFO: The Employees Provident Fund Organisation (EPFO) is all set to launch a series of out-of-the-box digital transformation measures with the launch of EPFO 3.0 that would be rolled out for everyone in the coming few months.
The overhaul of the EPFO is aimed at providing faster and reliable facilities, modernizing the statutory body, introducing new facilities and minimizing claim settlement times.
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What Is EPFO 3.0?
EPFO 3.0 is an integral part of the Union Government’s broader push to deliver citizen-centric services by strengthening digital public infrastructure, powered by faster turnaround times and minimal paperwork.
The new upgrade would deliver a new sigh of relief for employees and other stakeholders while streamlining the entire system.
How Would The Upgraded Platform Help Stakeholders?
EPFO 3.0 is aimed at offering near-real-time claims processing services, enhanced user experiences and better grievance handling services to Employee Provident Fund members. The upgraded platform would significantly reduce delays in processing claims arising from employer approvals and technical mismatches.
In addition to these advantages, the upgraded platform would minimize dependency on manual approvals in a significant majority of routine cases.
One of the most interesting and much-awaited announcement was the launch of a UPI-based withdrawal facility. Presently, EPF withdrawals made to the employees are sanctioned through conventional bank transfers that often take countless days. The UPI integration feature would facilitate instant and seamless transfer of eligible funds to the linked bank accounts of citizens, bypassing the dreaded process of traditional claim filing.
The feature would facilitate partial withdrawals under permissible categories like education, housing, medical emergencies and other approved purposes.
EPFO would also introduce the facility of providing Doorstep Digital Life Certificates to EPS pensioners. Presently, these pensioners face a series of challenges in accessing the services. Moreover, they need to physically visit the EPFO offices to collect these certificates.
