The Employees' Provident Fund Organization will soon launch EPFO 3.0. EPFO 3.0 will bring a major change to the PF withdrawal process.
This new update will make PF withdrawals easier. You can withdraw PF funds in just a few minutes.
You used to have to wait a long time to withdraw your PF balance through the EPFO. Meanwhile, an ATM card will now be provided for this purpose. You can withdraw PF funds from an ATM. You will also be provided with a card for this purpose.
How will EPFO 3.0 work?
According to experts, the main objective of EPFO 3.0 is to give employees control over their funds and allow them to withdraw funds, making the process of withdrawing PF funds easier.
Debit card can be used
You can withdraw PF funds using an ATM card. Just like you use a bank debit card, you can use a PF ATM card.
You can withdraw up to 75%
If you're unemployed, you can withdraw up to 75% of your PF balance for emergencies, medical expenses, or home renovations.
How much money can you withdraw?
There's no official information on how much you can withdraw from your PF account. However, it's estimated that you may be allowed to withdraw between ₹1 lakh and ₹2 lakh. This will be announced soon.
PF Transfer
EPFO employees can now transfer their PF funds online. This will make it easier to transfer PF funds when changing companies.
Claim Process
Claiming your PF contribution will now be much easier for EPFO employees, as you can file your PF claim directly from the EPFO portal.
What will be the benefit?
EPFO 3.0 will save you time. You won't need to visit the EPFO office. The entire process is online, making everything transparent. You can access your PF account anywhere, anytime. The process has become much easier.
PC: NDTV.in