Major Upgrades to be Made in EPFO Services
Union Labour Minister Mansukh Mandaviya has made key digital upgrades announcement in the Employees' Provident Fund Organization (EPFO). He made it known that new EPFO 3.0 platform will gain advantage by up to 9 crore members. The new updated version is going to be out by May or June.
Better Services for EPFO Subscribers
As per Mandaviya, EPFO 3.0 will make different services easier. New aspects will be:
- Settlement of claims on auto
- Correction of details online
- Withdrawal via ATMs
The goal is to provide EPFO services in an easier and more efficient way.
No More Fillable Forms or Office Runs
With the introduction of EPFO 3.0, users will not have to submit manual forms or go to offices for claims or updates. Quick processing will see funds credited directly into users' bank accounts promptly.
EPFO's Financial Position and Interest Rate
Mandaviya added that EPFO has cash balances of ₹27 lakh crore at present. The organization provides an interest rate of 8.25%, which is guaranteed by the government.
Centralized Pension System Already Existing
The Centralized Pension Payment System enables pensioners to get their benefits from any bank in India. Approximately 78 lakh individuals are already availing this facility.
Plans to Consolidate National Pension Schemes
The government is also planning to consolidate different pension schemes to enhance coverage and efficiency. These are:
- Atal Pension Yojana
- Pradhan Mantri Jeevan Bima Yojana
- Shramik Jan Dhan Yojana
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