From UPI and ATM withdrawals to online corrections: 5 expected features of EPFO 3.0
The way you withdraw your EPF money is about to change—and for the better. Starting June 2025, the Employees' Provident Fund Organisation (EPFO) may roll out a new version of its services, called EPFO 3.0. This new system aims to make PF withdrawals quicker, smoother, and more user-friendly.EPF members might soon be able to withdraw their money instantly using UPI or even directly from ATMs. No more waiting for days or filling out long claim forms.advertisementThis modernisation effort is being executed with the backing of the Ministry of Labour and Employment and has secured approval from the National Payments Corporation of India (NPCI).
Here's a simple look at what EPFO 3.0 might bring.INSTANT UPI AND ATM WITHDRAWALSThe integration of UPI and ATM services is expected to significantly expedite the withdrawal process for EPF members. At present, withdrawing PF money involves online claims and waiting for approvals, which can take several days or even weeks. With the UPI feature, you'll be able to withdraw up to Rs 1 lakh instantly, especially helpful during emergencies.You'll also be able to check your PF balance through UPI apps and once your claim is approved, you might be able to withdraw your PF just like you withdraw cash from a bank ATM. This will make access to your savings much easier and quicker.AUTOMATED CLAIM SETTLEMENTSadvertisementEPFO 3.0 will likely have an automatic claim settlement system. This means less paperwork and fewer delays, as your claims will be processed by the system directly, without manual checks in most cases.ONLINE CORRECTIONS MADE EASIERIn addition to financial transaction enhancements, EPFO 3.0 will allow subscribers to make digital corrections to their account details online. This includes updates such as changes in name or date of birth, which can now be done seamlessly without the need for traditional form-based procedures.Furthermore, OTP-based verification will be introduced to enhance security and convenience for information updates.IMPROVED GRIEVANCE REDRESSALA faster and more responsive grievance redressal mechanism is another feature of the revamped system. This change is intended to address subscriber complaints more swiftly and effectively, providing a better service experience to EPF members.The new system promises to handle grievances with increased efficiency, reducing the frustration often associated with prolonged complaint resolution.EXPANDED WITHDRAWAL SCOPECurrently, EPF withdrawals are limited to specific life events such as medical emergencies, housing needs, education, and marriage.The updated EPFO 3.0 system proposes to broaden this scope, allowing employees to access their PF savings for additional critical life events. This expansion is designed to offer more financial flexibility and responsiveness to the evolving needs of employees, ensuring that they can better manage financial challenges.Thus, EPFO 3.0 is aiming to put more power in your hands, giving you quicker access to your own money and improving how the system works for everyone.Must Watch
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
20 minutes ago
- Indian Express
Trader held for availing ITC worth Rs 15.19 cr by submitting fake invoices
A textile trader has been arrested by the Directorate General of GST Intelligence (DGGI) in Surat for allegedly submitting fake invoices of Rs 100 crore to avail Input Tax Credit worth Rs 15.19 crore. According to DGGI sources, the accused, arrested on Friday has been identified as Yatin Dudhat, a resident of Varachha, who runs textile business by the name of Dudhat International in Surat. Dudhat allegedly received fake invoices from different firms without any supply of goods. The officials had earlier raided his office and business place in Surat and recovered several incriminating documents. Dudhat has violated the provision of sections of 132 of Central Goods and Services Tax, Act, 2017, an official said. Sources said that the name of Dudhat cropped during a probe following the arrest of Chetan Patoliya, proprietor of Kunj Fashion, Surat. On Saturday, Yatin Dudhat was produced before Chief Judicial Magistrate court of Judge R M Kalotara. He was sent to 14 days judicial custody at Surat Central jail by court. DGGI sources added, they had carried out a search operation at Kunj Fashion, on May 2. During investigation, the officials found Patoliya's involvement in availing the Input Tax Credit of around Rs 12 crores, with the help of fake invoices of sales and purchase of goods. Patoliya in his statements to DGGI had mentioned that he had passed on (sold) ITC to different firms – including Infinity Impex, Salton Impex, Manya Overseas and Shreeji exports, without supply of goods – in Surat. The DGGI is currently carrying out a probe in this case and are collecting the details of the firms that had received ITC from Kunj Fashion and Dudhat International.
Indian Express
20 minutes ago
- Indian Express
New plant to cost over Rs 3,000 crore BMC floats fresh tender to construct desalination plant at Manori
The Brihanmumbai Municipal Corporation (BMC) has once again floated a global tender for constructing a 200-million litres per day (MLD) desalination plant in Mumbai's Manori island. The comes eight months after the civic body scrapped the previous tender which was floated in December 2023. A desalination plant is a facility where the saline water from the sea is scientifically treated by removing the salt extracts and mineral from it to make them fit for potable usage. Globally, desalination plants are popular in countries like Israel which have minimum access to natural potable water like rivers and lakes but are close to the sea. Civic officials said the new tenders were floated following a project feasibility study that was carried out by the Tata Consultancy Services (TCS) identifying some of the key causes because of which the tender failed to attract a good number of bidders. Speaking to the Indian Express, Abhijit Bangar, additional municipal commissioner (projects), said the previous tender was floated by using the Swiss challenge method under which an initial proposal is published based on the bids submitted by a particular party following which other parties are invited to submit counter-proposals that either match or improve upon it. 'The first tender was live for nearly a year and we had called for bids three times out of which we received response only once and that one bidder later got disqualified. Following this, we carried out a survey and the new tenders are being floated by using the conventional engineering-procurement and consultancy (EPC) method which is the usual way through which all interested bidders can submit their bids at the same time which is followed by the evaluation process,' Bangar told Express. According to the previous tender, the estimated cost of constructing the plant was pegged at Rs 2,000 crore while Bangar said the base price of constructing the plant as part of the new tender is being pegged at Rs 3,000-Rs 3,200 crore. He also said the capacity and most of the technical specifications of the plant remains the same in the new tender. 'The reason for cost escalation is that the new plan will include three underground tunnels–two of which will bring in sea water to the plant for treatment and one tunnel will serve as an outfall for the treated inert materials that will be left following the treatment. This process will involve electrical and mechanical interventions due to which there has been a cost escalation. The final cost estimates were prepared and calculated by the consultant only after checking quotations from prospective agencies that have expertise in the field,' Bangar said. He also added that the water into the plant will be drawn 2.5 km from the shoreline where the sea is deep. The plant will come up in a 12-hectare plant at Manori village which is a fishing hamlet in northern fag end of Mumbai. The plot where the plant will come up is owned by the state government and civic officials said the process of transferring the land to the BMC is in the final stage. The proposal of constructing a desalination plant was first mooted in 2019 as a solution to counter the issue of growing water demand in Mumbai which requires 4,250 MLD of water daily while the civic body is able to serve only 3,900 MLD, making a deficit of 300 MLD. This will be the first desalination plant in Maharashtra. At present, Mumbai is dependent on seven lakes–Tulsi, Vihar, Tansa, Bhatsa, Modak Sagar, Upper Vaitarna, Middle Vaitarna which are located in suburban Mumbai, Thane, Palghar and Nashik. The catchment area of these lakes gets filled during the monsoon following which water is transferred to Mumbai's pockets through pipelines and tunnels.
Mint
22 minutes ago
- Mint
PKL Season 12 Auction: Mohammadreza Shadloui, Devank Dalal fetch big money - list of key players sold on opening day
The Pro Kabaddi League season 12 auction is happening in Mumbai. Day 1 of the auction has seen some high-octane moments. Iran's Mohammadreza Shadloui, the first name in the action, was bought by Gujarat Giants for a whopping Rs. 2.23 crore. Mohammadreza Shadloui's all-round efforts helped Haryana Stealers to win their maiden PKL title in Season 11. Shadloui won an impressive 139 total points. Equally effective in attack and defense, he amassed 57 raid points and 82 tackle points across 24 matches. Bengaluru Bulls and Patna Pirates fought aggressively before Gujarat Giants swooped in and bought the Iranian. Devank Dalal, the last name in the A category, fetched Rs. 2.205 crore from Bengal Warriorz. Patna Pirates retained Ankit Jaglan for Rs. 1.573 crore using the FBM card for one season. FBM (Final Bid Match) card: Teams can retain a player for either one or two seasons to support long-term team building and greater team continuity. Previously, the FBM rule allowed teams to retain a player for only one season. Player Team Role Amount Mohammadreza Shadloui Chiyaneh Gujarat Giants All-rounder Rs. 2.23 cr Devank Dalal Bengal Warriorz Raider Rs. 2.205 cr Ashu Malik Dabang Delhi Raider Rs. 1.90 cr Ankit Jaglan Patna Pirates All-rounder Rs. 1.573 cr Arjun Deshwal Tamil Thalaivas Raider Rs. 1.405 cr Yogesh Bijender Dahiya Bengaluru Bulls Defender Rs. 1.125 cr Guman Singh UP Yoddhas Raider Rs. 1.073 cr All-rounder Pawan Sehrawat went to Tamil Thalaivas for 59.5 lakhs. Defender Fazal Atrachali went to Dabang Delhi for 30 lakhs.
