EPFO 3.0: PM Modi's EAC-Member Sanjeev Sanyal Hints At Major Reforms In Provident Fund 'Big Effort To De-Clog...'

(MENAFN- Live Mint) Indian Prime Minister Narendra Modi's Economic Advisory Council (EAC) member and economist Sanjeev Sanyal hints towards major reforms in the third version of the revamped Employees' Provident Fund Organisation (EPFO ), according to a social media post on platform X.

Also Read | EPFO 3.0: Key features, rollout date and what employees should know

The economist also highlighted that the government is working on a 'big effort' to bring improvements in the EPFO . However, he mentioned that this revamp is not an easy task and they are looking forward to the feedback from the people once the system is launched and stabilised.

“A big effort to de-clog EPFO is under way. No easy task. Look forward to feedback once this is launched and system stabilises,” said Sanyal in his post on platform X.

Sanjeev Sanyal is an economist who has been a member of the Prime Minister's Economic Advisory Council (EAC) since 2022. Sanyal is also the Chancellor of Gokhale Institute of Politics and Economics, Pune, and before the EAC role, he was the Principal Economic Adviser to the Finance Minister for five years.

Also Read | EPFO: Different forms you need to fill for various applications - check details EPFO 3.0 launch in 2025

Mint reported earlier that the Employees' Provident Fund Organisation (EPFO) is expected to launch its newly upgraded digital platform - EPFO 3.0 in 2025.

The Ministry of Labour & Employment aims to improve provident fund services by making them faster, more transparent, and more user-friendly for individuals across the nation.

Although the initial launch of this provident fund platform was set for June 2025, the government's roll-out plans have faced delays due to the technical testing of the platform before its launch.

EPFO has not announced an official date for the new launch date for its updated digital platform, but people expect it to happen soon, according to the report.

Also Read | EPFO Aadhaar UAN linking - What are the latest changes? All you need to know What are the key features of EPFO 3.0?

1. ATM withdrawals: The newly updated system allows EPFO members to withdraw funds from their Provident Fund (PF) accounts using ATMs . To avail of this facility, people will have to activate their Universal Account Number (UAN) and link their Aadhaar with their bank account.

2. UPI withdrawals: The updated system in the EPFO 3.0 will give members the ability to withdraw their provident funds through Unified Payment Interface (UPI ).

3. Easier correction procedure: The updated platform will allow its members to make corrections or updates online after verification through a One-time password (OTP). As per the current norms, the members have to visit the EPFO offices to submit their claims and wait in queues to make corrections or updates.

4. Faster death claims settlements: EPFO 3.0 will make it easier for nominees to make settlement claims in case of a member's death, and a guardian certificate will no longer be mandatory for minors.

5. Mobile-friendly platform: The digital platform should be easily accessible through mobile phones. This will help members check their deposits, claims, and account details on the go.

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