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EPFO 3.0 Update: The central government is preparing to revamp the Employees Provident Fund Organization (EPFO), which runs a social security scheme for 6 crore employees of the organized sector. Many new benefits can be announced for EPFO ​​​​subscribers. The government can announce EPFO ​​​​3.0 in which the limit of contributing 12 percent of the basic salary to the Provident Fund for employees can be abolished. Employees will be able to contribute as much as they want to the Provident Fund according to their saving capacity. Also, account holders can be given the facility to withdraw money deposited in the Provident Fund from ATM.
Freedom to contribute more to EPF
According to sources in the Ministry of Labor and Employment, the government is seriously preparing to bring EPFO ​​​​3.0 in which many new announcements can be made for EPF subscribers. The most important of these is to increase the limit of employees' contributions to the Provident Fund. At present, employees have to contribute 12% of their basic pay to the Provident Fund. But the government can eliminate this limit. Employees can deposit as much money in their EPF account as they want and at any time as per their saving capacity. Its purpose is to provide the subscribers with the option to save as much as possible. This amount can be converted into the option of giving more pensions to the subscribers on retirement. However, no change will be made in the contribution of the employers. The Ministry of Labor is discussing this formula.

Providenfundsnd can be withdrawn frATMsATM!
The government can make another big announcement for EPFO ​​​​subscribers. An ATM card similar to a debit card can be issued to EPF subscribers so that they can withdraw the money deposited in the Provident Fund from the ATM. That is, the government is preparing to provide the facility to the employees to withdraw the hard-earned money deposited in the Provident Fund from the ATM. In this, subscribers can be given the option to withdraw per cent of the amount deposited in the Provident Fund. According to sources, the government can announce this new policy of EPFO ​​in the new year 2025 and EPFO ​​3.0 can be implemented in May-June 2025.

EPFO ​​IT system will be improved
The Ministry of Labor is preparing to make huge improvements in the IT system of EPFO ​​​​so that employees can do any transaction easily. This improvement is being prepared to be done in two phases. The improvement to be done in the system under EPFO ​​​​2.0 will be completed in December 2024 next month, which will resolve the per cent of the problems in the system. EPFO ​​​​3.0 will be completed by May-June 2025, which also includes improvements in the IT system, the government aims to make the functioning of EPFO ​​​​according to international standards.