What's New :
03rd January 2025 (12 Topics)

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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