EPFO: Checking the status of your PF claim before going to the office. The worry of having to visit the EPFO office when your PF balance is stuck is a problem faced by millions of employees. Now, preparations are underway to eliminate this problem. The EPFO is working on its major tech upgrade, EPFO 3.0.
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EPFO: Checking the status of your PF claim before going to the office. The worry of having to visit the EPFO office when your PF balance is stuck has been a problem faced by millions of employees. Now, preparations are underway to eliminate this problem. The EPFO is working on a major technological upgrade, EPFO 3.0, which will make PF services as fast, easy, and accessible as banking. Significant changes may soon be seen in services related to employees’ retirement funds. The Employees’ Provident Fund Organization (EPFO) is preparing for its next major technology upgrade, EPFO 3.0.
What is EPFO 3.0?
Under EPFO 3.0, a new portal, new backend software, and a banking-like structure will be introduced. This means that the EPFO will now operate on a core banking solution, similar to banks. The biggest advantage of this will be that members will be able to resolve their issues from any EPFO office, even if their account is registered in another city.
What benefits will members receive?
Currently, many tasks require relying on the local EPFO office. The new system will expedite claim settlement, grievance redressal, and account-related work. Repeated visits to the office will be reduced. Services will be available from any part of the country.
A System for Both Organized and Unorganized Sectors
The EPFO currently covers approximately 80 million active members and manages approximately ₹28 lakh crore in funds. With the implementation of the Labor Code, more people in the unorganized sector may come under the purview of the EPFO. Therefore, EPFO 3.0 is being designed to easily handle more users and more transactions.
Why is the Core Banking System Important?
Core banking will allow all EPFO offices to operate on a single platform. This will consolidate data, reduce delays in claim processing, and resolve complaints faster. Members will enjoy a banking-like experience, where service is available wherever their account is located.
Information Available in Local Languages
Another major relief for EPFO members will be the availability of information in local languages. AI-based translation tools will be used for this. With the help of the government’s Bhashini platform, members will be able to understand rules, balances, and procedures in their own language. This will be particularly beneficial for those who are not fluent in English or Hindi.
Who will develop the new system?
The EPFO is preparing to issue a tender for the new IT platform. The financial approval process is underway. Companies like Wipro, Infosys, and TCS have already been shortlisted. It will soon be decided who will implement and maintain EPFO 3.0.
EPFO 2.0 also in final stages
The current EPFO 2.0 reforms are almost complete before EPFO 3.0. The new ECR system and internal task module have been launched. Only a few modules related to pension, claims, and annual accounts remain, which may launch in the next few months.
Preparations for PF withdrawals through UPI
UPI-based PF withdrawals are also coming under EPFO 2.0. Members will be able to check their balance through the BHIM app. It will also clearly show how much money can be withdrawn and how much will remain as the mandatory 25% balance. Initially, the limit for a single transaction may be up to ₹25,000.
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