The Employees’ Provident Fund Organization (EPFO) is preparing for a major technology transformation, dubbed EPFO 3.0. This new phase aims not only to upgrade the system but also to make the EPFO fully future-ready for the needs of the next ten years.
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Retirement fund services for millions of working people in India are soon going to change completely. The Employees’ Provident Fund Organization (EPFO) is preparing for its biggest digital transformation ever, dubbed EPFO 3.0. This isn’t just a technology upgrade, but an effort to modernize and future-proof the EPFO’s operations, like the banking system. The new changes aim to make services faster, easier, and more accessible to workers across all sectors.
What is EPFO 3.0?
Under EPFO 3.0, a new digital portal, new backend software, and a core banking system will be implemented. After this, the EPFO will operate on a completely centralized platform. This will mean that members will be able to resolve any issue related to their PF account at any EPFO office in the country, regardless of the region in which their account is registered. According to officials, the new digital architecture is being designed keeping in mind the needs of the next 10 years. Currently, the EPFO has approximately 80 million active members and manages funds worth approximately ₹28 lakh crore. This number is expected to increase rapidly after the implementation of the Labor Code.
Focus on both organized and unorganized sectors
EPFO 3.0 is being designed to cover not only organized sector employees but also unorganized, gig, and platform workers. In the future, the EPFO may also be responsible for a separate fund for unorganized workers, which will require significant technological capabilities.
Core Banking System to Provide Major Benefits
The biggest change in EPFO 3.0 will be the Core Banking System. This will connect all EPFO offices to a single central system. This will speed up claim settlement, simplify grievance redressal, and reduce dependence on local offices.
Information will be available in regional languages.
The EPFO will use artificial intelligence-based language tools for the convenience of members. Platforms like “Bhashini” will provide PF balance information, rules, and procedures in regional languages, providing significant relief to non-English or non-Hindi speaking members.
PF Withdrawals via UPI and Further Preparations
UPI-based PF withdrawals may also be launched soon under EPFO 2.0, with an initial limit of ₹25,000. The tender process for EPFO 3.0 is in the final stages.
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