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The Employees’ Provident Fund Organisation (EPFO) is launching a revised system called EPFO 3.0 to improve the welfare of employees. This new system promises improved services, making it easier for members to manage their PF accounts and withdraw funds.
New mobile app for easy access
A new mobile app will be launched as part of EPFO 3.0. The app allows employees to quickly check their PF account balance and submit their returns with just a few clicks. Currently, the process of applying for PF funds online can be cumbersome and time-consuming. But the new app will simplify the whole process, making it faster and easier to use.
PF ATM card makes it easy to withdraw money
The biggest improvement in the EPFO 3.0 system is the introduction of ATM-like cards for PF account holders. This new feature will enable employees to withdraw their PF funds directly from the ATM. While there will be a limit on withdrawals on a case-by-case basis, the card will offer greater flexibility and convenience in accessing PF funds.
Efficiency over the current system
Under the current system, employees often face delays in withdrawing or claiming their PF funds. EPFO 3.0 is reported to significantly improve processing time. Currently, it usually takes 7-10 days to receive funds after submitting a claim, but the new system will streamline this process and allow faster payment.
With this development, EPFO 3.0 promises to provide a smooth and hassle-free experience for its members.
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