business π± EPFO 3.0 rolls out: UPI and ATM withdrawals are here π
EPFO 3.0 is a major digital upgrade making provident fund claims paperless for subscribers. This system, implemented by the Ministry of Labour and Employment in July, centralizes the member database under CITES. The auto-settlement limit has increased to βΉ5 lakh, allowing faster fund access in 3-5 days. Subscribers can now withdraw 50% to 75% of their balance via UPI or UPI-enabled ATMs. This shift improves claims processing time significantly from the previous 10-20 days.