NEW DELHI: Union labour minister Mansukh Mandaviya on Thursday mentioned that the staff provident fund organisation (EPFO) will quickly launch the “EPFO 3.0 model.” He added that the improved model will permit subscribers to withdraw their provident fund instantly from ATMs, amongst different new options.
Talking on the inauguration of EPFO’s Telangana zonal workplace and regional workplace in Hyderabad, Mandaviya mentioned the upcoming model would carry EPFO on par with banking techniques. “Within the coming days, EPFO 3.0 model will probably be launched. This implies EPFO will develop into equal to a financial institution. Like how transactions are carried out in a financial institution, you (EPFO subscribers) have your common account quantity (UAN), and it is possible for you to to do all of your work,” he mentioned.
He emphasised that subscribers will not want to go to EPFO workplaces or method their employers for fund withdrawals. “It’s your cash, and you may withdraw it as and while you need. now, you continue to must go to EPFO workplaces. I promise you, within the coming days, it is possible for you to to withdraw your cash from ATMs everytime you need. we’re finishing up such reforms in EPFO,” Mandaviya mentioned.
The minister additionally nearly inaugurated the regional workplace in Naroda, Gujarat, and laid the muse stone for workers quarters in Gurugram, Haryana. he highlighted that underneath Prime Minister Narendra Modi’s management, EPFO is present process vital reforms aimed toward enhancing effectivity and accessibility.
In response to Mandaviya, complaints associated to EPFO providers are reducing whereas total service high quality is bettering. “EPFO’s system and dealing model have modified with a pro-people method,” he added.
He additional detailed ongoing adjustments throughout the EPFO platform, together with streamlined fund transfers, declare processing, corrections in subscriber particulars, and the flexibility to withdraw pensions from any financial institution. These measures, he mentioned, are meant to modernise the organisation and supply seamless providers to beneficiaries.
Union minister of coal and mines G Kishan Reddy additionally addressed the occasion, endorsing the reforms and praising the federal government’s dedication to bettering EPFO providers for hundreds of thousands of subscribers.
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