The Employees’ Provident Fund Organisation is rolling out EPFO 3.0 to expand its digital services and online presence through an updated system that will allow subscribers to undertake paperless withdrawal or transfer of provident fund.<\/p>\n
The body’s move is envisioned to cut down wait time for employee provident fund and make it easier for members to access their retirement funds. EPFO 3.0<\/a> seeks to eliminate processing delays by allowing subscribers to access and transfer their provident fund savings directly through the unified payments interface (UPI) and UPI-enabled automated teller machines (ATMs).<\/p>\n Once full roll-out is complete EPF subscribers<\/a> will be able to process direct transfer of funds to their bank accounts through the UPI payment gateway. The body posts regular updates through its social media accounts, official releases or on its website here \u2014 epfindia.gov.in.<\/p>\n EPFO centralised database migration<\/p>\n The retirement savings fund organisation this month completed migration <\/a>of its member database to a centralised platform under the Centralised IT Enabled Services (CITES) project, as per the Ministry of Labour and Employment.<\/p>\n In a statement last week, Union Labour<\/a> and Employment Minister Mansukh Mandaviya noted that this development marks a significant overhaul for the retirement savings fund body, as it aims to provide faster, transparent and citizen centric services. \u201cEPFO has completed the process of migrating its entire database of member records to the new centralised database,\u201d he stated.<\/p>\n CITES project explained<\/p>\n According to the union minister, the CITES project aims to modernise EPFO’s services using automation and rules-based process. It replaces the previous decentralised structure wherein each field office housed separate databases and bring all EPF member data onto a centralised platform.<\/p>\n CITES in effect, allows the EPFO to operate on a single national database, which in turn enables processing of requests from any authorised location in India. Members and subscribers will not be required to visit their specific regional offices to raise PF and pension <\/a>claims or other services.<\/p>\n What is EPFO 3.0?<\/p>\n EPFO 3.0 is the provident fund body’s system overhaul that upgrades and expands its digital services and simplifies processes for subscribers. It eliminates processing delays allowing you to access and transfer your retirement savings directly through UPI and UPI-enabled ATMs<\/a>.<\/p>\n At present you have to raise a request for full or partial withdrawal on the website or on site by filling the appropriate forms. Once your claim is processed, the money is usually transferred to your bank account within 15-20 days. There is no specific deadline specified.<\/p>\n","protected":false},"excerpt":{"rendered":"The Employees’ Provident Fund Organisation is rolling out EPFO 3.0 to expand its digital services and online presence…\n","protected":false},"author":2,"featured_media":799240,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[45,49,48,3912,82238,24404,49393,59388,133,281574,131,132,107181,51274,33091,51267,189512,281575,267928],"class_list":["post-799239","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-ca","tag-canada","tag-employees","tag-employees-provident-fund-organisation","tag-epf-account","tag-epfo","tag-epfo-3-0","tag-finance","tag-paperless-withdrawal","tag-personal-finance","tag-personalfinance","tag-pf-withdrawal","tag-provident-fund","tag-retirement-funds","tag-uan","tag-upi-payment-gateway","tag-withdrawal-limit","tag-withdrawal-rules"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/799239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=799239"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/799239\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/799240"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=799239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=799239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=799239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}