The Employees' Provident Fund Organisation (EPFO) is set to undergo a major digital overhaul to enhance services for over nine crore beneficiaries, with Version 3.0 set to launch by May or June, Union Labour and Employment Minister Mansukh Mandaviya said on Friday.
In coming days, EPFO beneficiaries will be able to withdraw funds from ATMs due to faster processing of claims on the newer Version 3.0, Mandaviya said in an interview with media.
"EPFO will soon implement Version 3.0 with the help of a robust IT platform to provide seamless and simplified services, including auto-claim settlements, digital corrections, and ATM-based fund withdrawals. The overhaul is aimed at making EPFO accessible and efficient," he said.
According to Mandaviya, 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. Due to fast settlement of claims, the funds would be quickly available in the subscriber's bank account, he added. He said EPFO currently holds a corpus of Rs 27 lakh crore with a sovereign guarantee and offers 8.25 per cent interest. The Centralised Pension Payment System, already in place, benefits over 78 lakh pensioners by allowing them to receive pensions in any bank account across the country, removing the earlier requirement of maintaining accounts in designated zonal banks.
The minister 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.
In a move to enhance healthcare access for workers, Mandaviya said that 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.
In addition, designated charity-run private hospitals will also be brought under its 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.
Mandaviya said the EPFO has significantly improved its grievance redressal mechanism following the rollout of Version 2.01, with complaints being reduced to less than half.
With the introduction of EPFO 3.0, the organisation aims to further improve accessibility and efficiency.
