Union Labour and Employment Minister, Mansukh Mandaviya, has stated that preparations are underway to provide a new Employees’ Provident Fund Organisation (EPFO) mobile application and debit card facility to EPFO subscribers by May-June of this year.
The Union Minister stated that work on EPFO 2.0, which involves upgrading the entire IT system, is currently underway and is expected to be finished by the end of January. Following this, the EPFO 3.0 app will be launched by May-June, offering banking facilities to EPFO subscribers. Notably, this will centralise the entire system, simplifying the claim settlement process.
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Talks Continue Between RBI and Finance Ministry
According to sources in the Ministry of Labour, discussions are ongoing between the Reserve Bank of India (RBI) and the Finance Ministry to provide banking facilities to EPFO subscribers through EPFO 3.0. If implemented, this initiative would allow subscribers to access debit cards and withdraw EPFO funds from ATMs.
What will be the withdrawal limit?
It is important to note that obtaining an ATM card will not grant subscribers access to withdraw their entire contribution amount. A withdrawal limit is expected to be established. However, the positive aspect is that withdrawals within this limit will not necessitate prior permission from the EPFO, as was previously the case. This initiative by the government will greatly benefit EPFO subscribers, relieving them from the burden of cumbersome form-filling and eliminating the need for office visits.
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Significant increase in employment opportunities
Union Minister Mansukh Mandaviya stated that during the Narendra Modi government’s tenure from 2014 to 2024, 17.19 crore individuals secured employment. This figure represents a sixfold increase compared to the employment figures during the UPA government’s term.
The Union Minister further highlighted that in the most recent year (2023–2024) alone, approximately 4.6 crore jobs were created nationwide. Regarding the agricultural sector, he noted that employment declined by 16 per cent between 2004 and 2014 during the UPA’s tenure. Conversely, under the NDA government, agricultural employment witnessed a 19 per cent increase between 2014 and 2023.
