EPFO 3.0: Revolutionizing Social Security with Digital Transformation

The Employees' Provident Fund Organisation (EPFO) will launch Version 3.0 by mid-2024, improving services for beneficiaries through enhanced digital interfaces and automatic processes. The overhaul will enable faster claim settlements, ATM withdrawals, and better integration with social security schemes, ensuring broader coverage and efficient service delivery.

The Employees' Provident Fund Organisation (EPFO) is gearing up for a digital transformation to enhance services for over nine crore beneficiaries. The launch of Version 3.0 is expected by May or June, as announced by Union Labour and Employment Minister Mansukh Mandaviya.

Mandaviya revealed that the new system would empower EPFO beneficiaries to withdraw funds from ATMs, thanks to faster claim processing. This overhaul includes auto-claim settlements, digital corrections, and simpler processes, thus eliminating the need for complicated procedures and physical visits.

The EPFO's current corpus stands at Rs 27 lakh crore, with 8.25% interest, offering pension benefits to over 78 lakh pensioners across various banks. Integration of social security schemes is underway, coupled with healthcare improvements via ESIC's partnership with Ayushman Bharat.

(With inputs from agencies.)