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GS Analyst: Daily Current Affairs

03rd January 2025 (12 Topics)

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EPFO 3.0

The Employees Provident Fund Organisation (EPFO) is set to launch its new software system, EPFO 3.0, by June 2025.

About

The new system aims to provide bank-like services and a more user-friendly website.
The system will also introduce ATM cards for EPFO subscribers, improving accessibility and ease of use.
It is designed to enhance the experience of Employees' Provident Fund (EPF) members.
It focuses on improving accessibility, streamlining processes and offering new features to offer employees better control over their retirement savings.

Fact Box:

Employees' Provident Fund Organisation (EPFO)

The Employees' Provident Fund Organisation (EPFO), the administrating body of employees provident fund for both government and private sector.
It is a statutory body.
EPFO comes under the purview of the Ministry of Labour and Employment and was established in 1952.
Schemes Offered Under EPFO: Given below are the three schemes that are offered under EPFO:
- Employees' Provident Funds Scheme 1952 (EPF)
- Employees' Pension Scheme 1995 (EPS)
- Employees' Deposit Linked Insurance Scheme 1976 (EDLI)
EPFO ranks among the globe's premier Social Security Organizations, distinguished by its vast clientele and the magnitude of financial transactions it manages.
- At present it maintains 29.88 crore accounts (Annual Report 2022-23) pertaining to its members.

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Verifying, please be patient.

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