EPFO 3.0 is set to revolutionize India’s provident fund system through a technological overhaul, transitioning from legacy processes to a sophisticated core banking-style architecture. This upgrade will introduce a user-friendly digital portal, advanced backend infrastructure, and AI-driven language tools for enhanced accessibility, allowing members to efficiently track balances, submit claims, and resolve grievances. Unlike EPFO 2.0’s incremental upgrades, EPFO 3.0 offers a complete transformation, enabling real-time processing and scalability to accommodate the growing workforce under new Labor Codes. Currently, EPFO 2.0 is nearing completion, with a UPI withdrawal feature expected by April 2023. Significant changes, such as self-correction of personal details by members without employer consent, have already been implemented, showing high adoption rates. As EPFO prepares for this next phase in labor market evolution, the new system promises quicker claim settlements and improved overall transparency and reliability for members, ultimately fostering greater inclusivity across India’s diverse workforce.
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