Union Labour Minister Mansukh Mandaviya, whose ministry oversees Employees' Provident Fund Organisation (EPFO), recently announced ‘EPFO 3.0 version’, which he said will be launched in the “coming days”.
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He was speaking after the inauguration of the office complex of EPFO's Telangana Zonal and Regional Office in Hyderabad. Mandaviya said the EPFO 3.0 version will be equivalent to the banking system.
This will allow subscribers of EPF accounts to withdraw money from ATMs, whenever they wish to.
“Like how transactions are carried out in a bank, you (EPFO subscribers) have your Universal Account Number (UAN) and you will be able to do all your work,” Mandaviya said.
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“Neither do you have to visit EPFO offices nor do you have to go to your employer. It is your money and you can withdraw it as and when you want. Now you still need to go to EPFO offices,” he added.
EPFO is likely to link subscribers' PF accounts with an ATM-compatible system, enabling users to access their funds from anywhere in the country using their Universal Account Number (UAN).
To ensure security, withdrawals will likely involve multi-factor authentication, such as OTP verification sent to the registered mobile number.
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EPFO is actively working to allow users to access their funds using a unified payments interface (UPI). This feature will allow subscribers to instantly withdraw funds from platforms like Paytm, Google Pay, PhonePe, BHIM, etc.
Currently, the withdrawal process includes a processing time of 2-3 days associated with NEFT or RTGS.
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