The Employees' Provident Fund Corporation is now going to make a big virtual trade for its more than nine crore individuals. Under this, EPFO 3.0 will be launched between May and june 2025. With this new gadget, PF claims, claims will be settled quicker, and customers may also be capable of withdrawing PF directly from ATMs. This facility will relieve PF individuals from filling out bureaucracy and travelling to workplaces.
Centers like ATM withdrawal and automobile declaration
EPFO 3.0 can have many features with a view to making PF-associated facilities very easy and virtual. including direct PF withdrawal from ATM, car-declare agreement, etc.
The process is made clean with OTP-based authentication.
Now there will be no need to fill out a protracted shape for PF withdrawal. The procedure of claims might be processed robotically, and money will come to your bank account fast. Also, customers will be capable of making changes in their account info, nominees, or other adjustments via OTP from their cellular phones themselves.
There can be a big exchange for PF contributors.
In keeping with Union exertions and Employment minister Mansukh Mandaviya, the new device of EPFO will not simply make the paintings related to PF wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital and easy; however, it'll additionally save people both effort and time. Within the new version, the focal point has been on improving the user experience so that the consumer can do any system associated with PF himself.
EPFO fund of 27 lakh crores, with 8.25% interest
EPFO currently has a fund of about Rs 27 lakh crore, and it pays a hobby of 8.25% each year. In FY 2024-25, EPFO has a group of Rs 3.41 lakh crore, which has come through more than 1.25 crore e-challans.
Pensioners additionally benefit
Because of EPFO, in addition to the centralized pension price machine, now more than seventy-eight lakh pensioners can get a pension in any bank account. in advance this facility turned into restricted to zonal banks best.
Let us inform you that once the appearance of EPFO 2.01, the variety of proceedings in EPFO changed into halved. Now with the appearance of EPFO 3.0, there is guidance to make those services less difficult and self-provider-based totally.
The authorities' new initiative to bring all schemes onto one platform
In conjunction with this wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital improvement of EPFO, the government is trying to carry social safety schemes like Atal Pension Yojana, PM jeevan Bima Yojana, and Shramik Jan Dhan Yojana on a single platform in order that users can get extra benefits.
Right news for ESIC and gig workers too.
Mansukh Mandaviya additionally stated that now humans coming under ESIC could be capable of getting treatment under the Ayushman Bharat Scheme, a good way to additionally include private and charity hospitals. The workers Country Coverage Scheme of india (ESIC) is presently imparting care to about 180 million human beings. Also, gig and platform workers (like meal shippers, cab drivers, etc.) are also being delivered below the ambit of social security.
Currently, the government has signed an MoU with Swiggy, so one can list delivery and logistics jobs on the national profession provider portal. That is anticipated to create approximately 12 lakh new jobs in 2-3 years.
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