All About EPFO 3.0: From ATM Withdrawals To Faster Claim Settlements

In a major digital push aimed at improving accessibility and efficiency for salaried employees, the Employees' Provident Fund Organisation (EPFO) is set to roll out EPFO 3.0 in June 2025, according to a report by DD News. The platform is expected to bring several key changes to how provident fund subscribers access and manage their savings, including ATM withdrawals, auto-claim settlements, and OTP-based account updates.

What to Expect from EPFO 3.0:

• ATM Withdrawals: In a first-of-its-kind move, subscribers may soon be able to withdraw EPF funds via ATMs, similar to a standard bank transaction. This feature is expected to go live after the approval and settlement of claims, giving users more direct access to their funds.
• Faster, Automated Claim Settlements: The upcoming version will include auto-claim settlement, significantly cutting down processing times and manual intervention. This is expected to speed up the transfer of funds into users' bank accounts.
• Digital Account Corrections: EPF account holders will soon be able to digitally update personal details such as name, date of birth, and other key information, eliminating the need for physical form submissions.
• OTP-Based Verification: Account updates will be made simpler through OTP-based authentication, streamlining the verification process and replacing older, form-based systems.
• Improved Grievance Redressal: The EPFO is also working on upgrading its grievance redressal system, aiming to address user concerns more efficiently through the new platform.
• Social Security Integration and Healthcare Expansion: EPFO 3.0 is part of a broader plan to create a unified social security framework. Efforts are underway to integrate central government welfare schemes such as the Atal Pension Yojana, Pradhan Mantri Jeevan Bima Yojana, and Shramik Jan Dhan Yojana into the EPFO ecosystem.

In parallel, the Employees' State Insurance Corporation (ESIC) is also strengthening its healthcare offerings. Beneficiaries may soon be eligible for free treatment at hospitals under the Ayushman Bharat scheme, including both public and empanelled private facilities. 

Currently, ESIC provides healthcare coverage to nearly 18 crore individuals through its network of 165 hospitals.

With EPFO 3.0, the government is aiming to modernise India's social security landscape by making it more accessible, integrated, and user-friendly for workers across sectors.