Union Labour Minister Mansukh Mandaviya said subscribers would be able to withdraw their Provident Fund (PF) money from ATMs. The minister said the government will soon introduce EPFO 3.0, which would allow the subscribers to access their PF funds without visiting Employees’ Provident Fund Organisation (EPFO) office.
Mansukh Mandaviya wrote on X, “EPFO 3. O is coming in the coming days, I promise that EPFO beneficiaries will be able to withdraw their money from ATM… they will not have to run around government offices.”
While speaking at an event in Hyderabad, the minister said the subscribers will get facilities like banking services in the new EPFO 3. 0 which would make the transactions easier.
What is EPFO 3.0?
The EPFO 3.0 will offer subscribers access to withdraw money without getting involved in lengthy paperwork and approval from their respective employers. A subscriber can withdraw money like an individual withdraws cash from a bank account.
Mandaviya explained that subscribers can manage EPFO money as they do with their savings bank account. He said a subscriber can withdraw money by using Universal Account Number (UAN). The withdrawal limit will become clear once EPFO 3.0 is introduced. The government may launch EPFO 3.0 in May or June this year.
On the occasion, Union Minister of Coal and Mines G Kishan Reddy said the reforms will give subscribers improved EPFO services to the subscribers, which is the government’s commitment.
