EPFO set for major digital overhaul soon: Mandaviya

The Employees’ Provident Fund Organisation (EPFO) was set to undergo a major digital overhaul to enhance services for over 9 crore beneficiaries, with Version 3.0 set to launch by May or June, Union Labour and Employment Minister Mansukh Mandaviya said on Friday. In coming days, EPFO beneficiaries would be able to withdraw funds from ATMs due to faster processing of claims on the newer Version 3.0, Mandaviya said.

“EPFO will soon implement Version 3.0 with the help of a robust IT platform to provide seamless and simplified services, including auto-claim settlements, digital corrections and ATM-based fund withdrawals. The overhaul is aimed at making EPFO accessible and efficient,” he said.

According to Mandaviya, the new version will eliminate the need for complex and lengthy form-filling processes or physical visits for claims and corrections. Beneficiaries will be able to update their EPFO accounts and mandates using OTP verification and conveniently monitor their pension entitlements or withdraw funds. Due to fast settlement of claims, the funds would be quickly available in the subscriber’s bank account, he added. He said EPFO currently held a corpus of Rs 27 lakh crore with a sovereign guarantee and offered 8.25 per cent interest.

The Centralised Pension Payment System, already in place, benefits over 78 lakh pensioners by allowing them to receive pensions in any bank account across the country, removing the earlier requirement of maintaining accounts in designated zonal banks. He said the government was considering the integration of various social security schemes, including the Atal Pension Yojana, to streamline and strengthen pension coverage.