Union Labour and Employment Minister Mansukh Mandaviya announced on Friday that the Employees’ Provident Fund Organization (EPFO) will be undergoing a significant digital transformation to improve services for more than 9 crore beneficiaries. Version 3.0 is expected to launch by May or June.
In an interview with PTI, Mandaviya stated that because the newer Version 3.0 processes claims more quickly, EPFO claimants will be able to withdraw money from ATMs in the days ahead.
“EPFO will soon implement Version 3.0 with the help of a robust IT platform to provide seamless and simplified services, including auto-claim settlements, digital corrections, and ATM-based fund withdrawals. The overhaul is aimed at making EPFO accessible and efficient,” he said.
According to Mandaviya, the new version will eliminate the need for complex and lengthy form-filling processes or physical visits for claims and corrections. Beneficiaries will be able to update their EPFO accounts and mandates using OTP verification and conveniently monitor their pension entitlements or withdraw funds.
Due to fast settlement of claims, the funds would be quickly available in the subscriber’s bank account, he added.
He said EPFO currently holds a corpus of Rs 27 trillion with a sovereign guarantee and offers 8.25 per cent interest.
The Centralised Pension Payment System, already in place, benefits over 78 lakh pensioners by allowing them to receive pensions in any bank account across the country, removing the earlier requirement of maintaining accounts in designated zonal banks.
The minister said the government is also considering the integration of various social security schemes, including the Atal Pension Yojana, Pradhan Mantri Jeevan Bima Yojana, and Shramik Jan Dhan Yojana, to streamline and strengthen pension coverage.
In a move to enhance healthcare access for workers, Mandaviya said that beneficiaries under the Employees’ State Insurance Corporation (ESIC) will soon be able to receive free medical treatment at hospitals empanelled under the Ayushman Bharat scheme.
In addition, designated charity-run private hospitals will also be brought under its ambit to expand social security coverage.
Currently, ESIC provides free treatment to about 18 crore people through 165 hospitals, over 1,500 dispensaries and around 2,000 empanelled hospitals.
Mandaviya said the EPFO has significantly improved its grievance redressal mechanism following the rollout of Version 2.01, with complaints being reduced to less than half.
With the introduction of EPFO 3.0, the organisation aims to further improve accessibility and efficiency.
Through 1.25 million electronic challan cum returns (ECRs) submitted by employers, EPFO was able to collect nearly Rs 3.41 trillion in contributions in 2024–2025.
As the number of gig and platform workers reaches one crore and is predicted to quadruple in the next five years, the minister also emphasized efforts to extend social insurance to these workers.
In order to incorporate gig and logistics work prospects with the National Career Service (NCS) portal, the Ministry of Labour and work and food delivery platform Swiggy signed a memorandum of agreement on April 15.
In the next two to three years, the alliance hopes to generate around 12 lakh new job opportunities.
Swiggy will help more workers find work by listing its delivery, logistics, and support positions on the NCS portal.
Mandaviya emphasized that as part of its larger commitment to workers’ welfare, the government is focused on making sure that various labor laws and the Mines Safety Act are implemented effectively.
The minister stated in closing that the EPFO, one of the biggest social security organizations globally, is still dedicated to making it easier for companies to conduct business with its members and streamlining procedures for members.
