Context:
The Employees’ Provident Fund Organisation (EPFO) is expected to deliberate on the EPFO 3.0 initiative at its Central Board of Trustees (CBT) meeting scheduled for October 10–11, 2025. The meeting will be chaired by Labour and Employment Minister Mansukh Mandaviya.
Key Highlights:
What is EPFO 3.0: EPFO 3.0 is a proposed upgrade to the Employees’ Provident Fund Organisation’s digital ecosystem aimed at enabling seamless, bank-like services for subscribers.
Key Features:
- Digital Withdrawals: Allows partial withdrawal of provident fund (PF) balances via ATMs or UPI without extensive paperwork.
- Enhanced Pension: The central board may consider raising the minimum monthly pension from ₹1,000 to ₹1,500–2,500, addressing a long-pending demand from trade unions.
- User Convenience: Subscribers can access and manage their PF accounts more like a regular bank account, improving financial flexibility.
Objective:
- To modernize EPFO services and provide instant access to funds while maintaining retirement savings security.
- Boost consumption by enabling PF withdrawals ahead of major festivals or events.
