PF Withdrawal Via ATM, Free ESIC Treatment & More: 5 Major Overhaul In EPFO 3.0; Rollout In May-June

Union Labour and Employment Minister Mansukh Mandaviya has confirmed that the Employees' Provident Fund Organisation (EPFO) is all set for a major digital overhaul, with changes expected to rollout between May-June.

EPFO Version 3.0 will undergo numerous changes with regards to auto-claim settlements, digital corrections, and ATM-based fund withdrawals, Mandaviya told news agency PTI. Here are looking at 5 such upcoming changes.

The new version will eliminate the need for complex and lengthy form-filling processes or physical visits for claims and corrections. 

Beneficiaries will be able to update their EPFO accounts and mandates using OTP verification and conveniently monitor their pension entitlements or withdraw funds.

Mandaviya said the government is also considering the integration of various social security schemes, including the Atal Pension Yojana, Pradhan Mantri Jeevan Bima Yojana, and Shramik Jan Dhan Yojana, to streamline and strengthen pension coverage. Beneficiaries under the Employees' State Insurance Corporation (ESIC) will soon be able to receive free medical treatment at hospitals empanelled under the Ayushman Bharat scheme.

Designated charity-run private hospitals will also be brought under ESIC ambit to expand social security coverage. Currently, ESIC provides free treatment to about 18 crore people through 165 hospitals, over 1,500 dispensaries and around 2,000 empanelled hospitals.

The EPFO plans to launch a ground-breaking new PF withdrawal method via the Unified Payments Interface (UPI). Labour and Employment Secretary Sumita Dawra had previously told news agency ANI, the ministry has approved NPCI's recommendation, and members may withdraw PF through UPI and ATM by the end of May or June this year. This may also be a good pilot for members of other schemes like the General Provident Fund (GPF) of Govt Employees of the Public Provident Fund (PPF) of Banks.