“EPFO will soon implement Version 3.0 with the help of a robust IT platform to provide seamless and simplified services, including auto-claim settlements, digital corrections, and ATM-based fund withdrawals. The overhaul is aimed at making EPFO accessible and efficient,” he said.
According to Mandaviya, the new version will eliminate the need for complex and lengthy form-filling processes or physical visits for claims and corrections. Beneficiaries will be able to update their EPFO accounts and mandates using OTP verification and conveniently monitor their pension entitlements or withdraw funds.
Due to fast settlement of claims, the funds would be quickly available in the subscriber’s bank account, he added.
He said EPFO currently holds a corpus of Rs 27 lakh crore with a sovereign guarantee and offers 8.25 per cent interest.
The Centralised Pension Payment System, already in place, benefits over 78 lakh pensioners by allowing them to receive pensions in any bank account across the country, removing the earlier requirement of maintaining accounts in designated zonal banks. The minister said the government is also considering the integration of various social security schemes, including the Atal Pension Yojana, Pradhan Mantri Jeevan Bima Yojana, and Shramik Jan Dhan Yojana, to streamline and strengthen pension coverage. In a move to enhance healthcare access for workers, Mandaviya said that beneficiaries under the Employees’ State Insurance Corporation (ESIC) will soon be able to receive free medical treatment at hospitals empanelled under the Ayushman Bharat scheme.
In addition, designated charity-run private hospitals will also be brought under its ambit to expand social security coverage.
Currently, ESIC provides free treatment to about 18 crore people through 165 hospitals, over 1,500 dispensaries and around 2,000 empanelled hospitals.
Mandaviya said the EPFO has significantly improved its grievance redressal mechanism following the rollout of Version 2.01, with complaints being reduced to less than half.
With the introduction of EPFO 3.0, the organisation aims to further improve accessibility and efficiency.
In 2024-25, EPFO collected over Rs 3.41 lakh-crore in contributions through 1.25 crore electronic challan cum returns (ECRs) filed by employers.
The minister also highlighted efforts to extend social security to gig and platform workers, saying their current number exceeds one crore and is expected to double in the next five years.
As part of this initiative, the Ministry of Labour and Employment signed a memorandum of understanding on April 15 with food delivery platform Swiggy to integrate gig and logistics employment opportunities with the National Career Service (NCS) portal.
The partnership aims to create over 12 lakh job opportunities in the next two to three years.
Swiggy will list its delivery, logistics and support roles on the NCS portal, helping more workers access employment opportunities.
Mandaviya emphasised on the government’s focus on ensuring the effective implementation of various labour laws and the Mines Safety Act as part of its broader commitment to workers welfare.
The minister concluded by saying the EPFO – one of the largest social security organisations in the world – remains committed to simplifying processes for members and improving the ease of doing business for employers.
Content Source: economictimes.indiatimes.com