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EPFO Version 3.0 will roll out by May or June 2025, bringing in a host of simplified services, including ATM-based fund withdrawals, says Union Labour and Employment Minister Mansukh Mandaviya.
EPFO Version 3.0 will facilitate auto-settlement of claims, reducing delays and eliminating the need for cumbersome paperwork or physical visits.
Employees’ Provident Fund (EPF) subscribers may soon be able to withdraw their PF savings directly from ATMs, thanks to a major digital overhaul of the Employees’ Provident Fund Organisation (EPFO). Union Labour and Employment Minister Mansukh Mandaviya has said that EPFO Version 3.0 — a major tech upgrade — will roll out by May or June 2025, bringing in a host of simplified services, including ATM-based fund withdrawals.
“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,” Mandaviya said in an interview with PTI.
This will mark a significant shift in how EPF members access their funds. Currently, PF withdrawals involve filing claims and waiting for processing, but with Version 3.0, the system will facilitate auto-settlement of claims, reducing delays and eliminating the need for cumbersome paperwork or physical visits.
Mandaviya said the move is aimed at transforming the user experience for over 9 crore EPFO beneficiaries. With OTP-based authentication, subscribers will be able to update their EPF accounts, mandates, and even monitor their pension entitlements or withdraw funds — all digitally.
Due to fast settlement of claims, the funds would be quickly available in the subscriber’s bank account, the minister added.
The EPFO currently holds a corpus of Rs 27 lakh crore and provides an interest rate of 8.25 per cent, backed by a sovereign guarantee. It collected over Rs 3.41 lakh crore in contributions in FY 2024-25 through 1.25 crore electronic challan cum returns (ECRs) filed by employers.
Other Key Upgrades Coming with EPFO 3.0
The minister also noted that grievance redressal has significantly improved with the earlier rollout of Version 2.01 — bringing down complaints to less than half. The new version aims to take this further by making services more intuitive and self-driven.
The government is also working to integrate various social security schemes such as the Atal Pension Yojana, Pradhan Mantri Jeevan Bima Yojana, and Shramik Jan Dhan Yojana under a unified platform to boost coverage and accessibility.
Additionally, EPFO pensioners can already receive their monthly pensions in any bank account across India, thanks to the Centralised Pension Payment System, which benefits over 78 lakh pensioners.
Healthcare and Gig Worker Initiatives
Beyond the EPFO, Mandaviya announced that beneficiaries of the Employees’ State Insurance Corporation (ESIC) will soon be able to access free medical treatment at hospitals empanelled under the Ayushman Bharat scheme. Even charity-run private hospitals will be brought under its ambit.
Currently, ESIC serves around 18 crore people through 165 hospitals, over 1,500 dispensaries and about 2,000 empanelled hospitals.
Support for Gig Workers
The government is also extending social security to gig and platform workers, whose number exceeds one crore and is expected to double in the next five years. On April 15, the Labour Ministry signed an MoU with Swiggy to list delivery and logistics roles on the National Career Service (NCS) portal, aiming to create 12 lakh jobs in the next 2-3 years.
