Context:
Mansukh Mandaviya, the Union Labour Minister, told journalists on Thursday that the EPFO would launch its new software system EPFO 3.0 by June this year. He said that the new system would be at par with banking systems in the country, and the site would be user-friendly.
Features
- ATM Cards:
- Direct withdrawals from ATMs using special cards.
- Digital Processes:
- Reduced paperwork and manual interventions.
- Enhanced User Experience:
- Upgraded website and mobile app.
- Easy tracking of contributions and account management.
- Increase in Contribution Limits:
- Option to contribute more than the mandatory 12%.
- Centralized Pension Payment System:
- Pension receipt from any bank branch in India.
