The organization of the employee forecast (EPFO) will undergo an important digital review to improve services for some 9 million beneficiaries, with version 3.0 that will be launched in May or June, the Minister of Labor and Employment of the Union, Mansukh, Saidaya, Saiday.
In the next few days, EPFO beneficiaries will be able to withdraw funds from ATMs due to the fastest processing of claims in version 3.0 of Dut PTI.
“EPFO will soon implement version 3.0 with the help of a robust IT platform to provide services without problems and simplified, including automatic settlements, digital corrections and retreats from funds based on ATMs. The review is aimed at doing.”
According to Mandaviya, the new version will eliminate the need for complex filling processes and long visits for claims and corrections. The beneficiaries may update their EPFO accounts and mandates using OTP verification and conveniently monitor their pension rights or withdraw funds.
Due to the quick solution of claims, the funds would be quickly available in the subscriber bank account, he added.
He said that EPFO currently has a RS 27 Lakh million rupee with a sovereign guarantee and offers an interest of 8.25 percent.
The centralized pension payment system, already in its place, benefits some 78 Lakh pensioners by allowing them to receive pensions in any bank account throughout the country, eliminating the previous requirement of keeping accounts in the designated zonal banks.
The minister said that the Government is also considering the integration of several social security schemes, including Yojana Atal Pension, Pradhan Mantri Jevan Bima Yojana and Shramik Jan Yojana, to rationalize and strengthen pension coverage.
In a movement to improve access to medical care for workers, Mandaviya said that the beneficiaries under the employee’s insurance corporation (ESIC) will soon be able to receive free medical treatment in Hospitallled under Ayushman Bharat.
In addition, the designated private hospitals administered by charity will also be carried under their scope to expand social security coverage.
Currently, ESIC provides free treatment to approximately 18 million people through 165 hospitals, more than 1,500 dispensaries and around 2,000 passionate hospitals.
Mandaviya said the EPFO has a significant repair mechanism for complaints after the deployment of version 2.01, and complaints are reduced to less than half.
With the introduction of EPFO 3.0, the organization aims to further improve accessibility and efficiency.
In 2024-25, EPFO collected around ₹ 3.41 Lakh-Rore in contributions through 1.25 million electronic returns from Challan Cum (ECRS) presented by employers.
The minister also highlighted the efforts to extend social security to the concert and the workers of the platform, saying that their currendent number exceeds a crore and is expected to be doubled in the next five years.
As part of this initiative, the Ministry of Labor and Employment signed a memorandum of understanding on April 15 with the Swiggy food delivery platform to integrate Gig and Logistics employment opportunities with the National Carretal Service portal (NCS).
The association aims to create about 12 work LKH in the next two or three years.
Swiggy will list its delivery, logistics and support roles on the NC Portal, helping more workers to access employment opportunities.
Mandaviya emphasized the government’s approach in guaranteeing the effective implementation of several labor laws and the safety of the mines acts as part of its broader commitment to the welfare of workers.
The minister concluded by saying that the EPFO, one of the world’s largest social security organizations, remains committed to simplifying the processes for members and improving the ease of doing business for employers.
Posted on April 18, 2025