This information is helpful if you have a job and are an EPFO member. Indeed, EPFO is constantly working to improve employee convenience. Union Labor Minister Mansukh Mandaviya declared in this sequence that by June of this year, the Employees Provident Fund Organization (EPFO) will introduce a new software system called EPFO 3.0 for easy PF withdrawal. According to him, the new system will function similarly to a banking system and have an easier-to-use website.
EPFO members will receive ATM cards.
EPFO members will be able to withdraw funds up to a certain amount in the event of an emergency. According to the Union Minister, ATM cards would be made available to EPFO members following the release of EPFO 3.0. According to him, the first phase of upgrading the website and system under IT System 2.01 will be completed by the end of January 2025. After this, there will be no problem in withdrawing money from the PF account due to a mistake in the name or any other reason. He claimed that by May-June the entire system of EPFO ​​will start working like a bank.
Data from EPFO is being consolidated.
The EPFO data is all centralized under IT System 2.01. Speaking to reporters, he claimed that PF account users today have numerous difficulties when trying to withdraw funds. However, issues like name errors, un-updated Aadhaar and bank account numbers, and the failure to transfer the PF of the previous firm would not arise following the system upgrade. With the completion of the system upgrade, a variety of tasks, including PF withdrawal, will be simple. Following this, identifying and fixing the errors won’t take long.
Compared to the UPA regime, employment rose under the NDA government.
Mandaviya asserted that employment has increased under the NDA government in contrast to the UPA government, refuting the opposition’s argument that unemployment is rising in the nation. According to him, employment in the nation has grown by 36% during the past ten years, reaching 64.33 crores in 2023–2024. In contrast, it was 47.15 crores in 2014–15. He said that between 2004 and 2014, employment has grown by roughly 7% under the UPA administration. He said that only 2.9 crore new employment were produced between 2004 and 2014 during the UPA government, compared to 17.19 crore new jobs created between 2014 and 24 under the Narendra Modi administration.
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