NewDelhi: Mansukh Mandaviya, the Union Labour and Employment Minister, has disclosed that EPFO’s new mobile app and debit card facility will open by May-June, 2025. The idea is to make the claims-settlement process easier and also add EPFO members with banking facilities.
The Minister of Labour indicates that upgrades of the current IT system, EPFO 2.0, have already reached the point of getting completed. The minister revealed that the existing IT system EPFO 2.0 upgrade currently is a work in progress that is likely to end by January. The following upgrade will be the launch of the EPFO 3.0 app that will centralise the whole system and thus make it easier for the users to access it.
Sources in the Ministry of Labour mentioned that the project of banking operations via EPFO 3.0 has been under conversation between the Reserve Bank of India (RBI) and the Finance Ministry. If it goes through, this measure will permit EPFO subscribers to be issued with debit cards and also make ATM withdrawals in the case of the card not being available. Nevertheless, it should be mentioned that users will not be able to withdraw everything at once from their total contribution amount.
It is expected that a withdrawal limit will be set, but the transactions would not require any pre-approval from the EPFO as long as they fall within the limit, thus making it simpler than before.
This action is believed to be a great advantage and a positive change for EPFO subscribers because it saves them from a lot of paperwork and cuts back on the unneeded office visits. Mandaviya brought up that under the government of Prime Minister Narendra Modi, which has been active since 2014, approximately 171.9 million jobs have been added, which is six times more than the number of jobs created during the previous UPA government.
In the last two years, as many as 46 million jobs were created in the country due to the schemes of the government. The release of the EPFO 3.0 app and debit card provision, in this case, is another landmark step in the process of the modernisation of the EPF system. Therefore, it will be more user-friendly and available for the workers of the country of India.
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