EPFO Latest Updates: The target is to complete EPFO 3.0 by March 31. It is likely that by mid-June this year, EPFO members will start getting banking-like services from their EPF account.
EPFO Latest Updates: The target has been set to complete the Centralized IT-Enabled System (CIETS 2.01) and EPFO 3.0 of the Employees’ Provident Fund Organization (EPFO) by March 31. Officials associated with EPFO say that the trial will be conducted after the completion of the IT system work. It is likely that by mid-June this year, EPFO members will start getting banking-like services from their EPF account.
Various issues were discussed in the 112th meeting of the Executive Committee (EC) of EPF attached to the Central Board of Trustees of EPFO held on Tuesday. It was said in the meeting that a new system will be developed under EPFO 3.0. This will expand the social security coverage using the latest technology.
You will be able to withdraw PF money like a bank
Members will be allowed to withdraw a fixed amount from their PF account on the lines of the banking system if needed. Along with this, in future, EPFO members will also be provided other facilities online, including increasing their contribution. It was also decided in the meeting that unnecessary verification should be eliminated. This will help in providing easy facility to EPFO members to withdraw small amounts through simplified partial withdrawal.
Emphasis on reforms
EPFO emphasized on ensuring faster claim settlement, seamless pension disbursement and better service delivery for its members, accelerating digital transformation and member-centric reforms. The EC also discussed the matter related to pension on high salary.
It was informed in the meeting that applications related to pension on higher wages are being updated for the implementation of the Supreme Court’s decision of November 4, 2022. The process of updating will be completed by March 31. Meanwhile, the EC emphasized the need to transition to Aadhaar-based payment system (ABPS) in a timely manner. The EC said that pension payments should be deposited directly into Aadhaar-linked bank accounts for a more secure and efficient system.
