EPFO's Game-Changer: Withdraw ₹1 Lakh Instantly from PF Account

New Delhi (The Uttam Hindu): There is a news coming for crores of salaried employees of the country which will change their entire experience regarding Provident Fund (PF). The Employees Provident Fund Organization (EPFO) is preparing to launch 'EPFO 3.0' soon, after which withdrawing money from the PF account will become as easy and fast as withdrawing money from the bank account. The process which used to take weeks till now, will now be completed in minutes.

Will we not have to wait long now?

Till now, to withdraw money from PF, one had to go to the online portal and fill a long form and then wait for the money to be credited to the bank account. This process was very time consuming. But now all this is going to change under EPFO ​​3.0. It is being told that employees will be able to withdraw or transfer an amount of up to Rs 1 lakh instantly from their PF account directly through ATM card or UPI app (like Google Pay, PhonePe).

The account will be automatically transferred on changing the job.

Another big benefit of EPFO ​​3.0 will be available to the employees who change jobs. Till now, on changing the job, a separate application had to be made to transfer the money of the old PF account to the new account. But in the new system this work will be done automatically. As soon as you join a new company, your PF account will automatically be linked to the PF account of the new employer, which will end the hassle of transfer.

Everything will be easy and transparent.

In this new update, EPFO's website and mobile app will also be made very simple. You will be able to easily check your PF account balance, see the status of the claim and avail other facilities. Apart from this, processes like linking Aadhaar card or completing KYC will also be made easier through digital verification. The most important thing is that your PF balance will also be updated in real time like a bank account.

EPFO 3.0 is not just limited to withdrawing money, but through this there is a plan to make the pension service of the employees completely digital and transparent, so that all the work related to pension can be done online and easily.