The Employee Provident Fund Organisation (EPFO) is set for a significant transformation with its EPFO 3.0 initiative, introducing a new portal, advanced backend software, and AI-powered language translation tools. This overhaul is timely, coming shortly after the implementation of liberalised withdrawal norms and a UPI-linked facility for members. Currently serving nearly 8 crore active members and managing a corpus of around Rs 28 lakh crore, EPFO aims to enhance its technology architecture for both organised and unorganised workers under new Labour Codes. The revamp includes a core banking solution and a comprehensive system upgrade to manage increased volumes. Finalisation of the tender for the new agency is in its last stages, while the ongoing EPFO 2.0 is nearly complete. The UPI facility, allowing users to withdraw EPF funds easily through bank accounts, is expected to launch by April 2026, further streamlining access to retirement funds.
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