Finally, Union Labour and Employment Minister Mansukh Mandaviya has suggested that the Employees’ Provident Fund Organization (EPFO) smartphone application and debit card facility for EPFO subscribers will reach the users by May Or June of 2025. He stated that the work of EPFO 2.0 which includes the revamp of the entire IT system is currently under process and will be wrapped up by the end of January.

After the whole process is completed, the EPFO 3.0 mobile app will be released by Mau or June 2025. The app will offer banking services to all the EPFO subscribers. This process will centralize the complete EPFO system along with making the claim settlement process simple.

EPFO smartphone app details

As per different sources and reports, the Ministry of Labour is in discussions with the Reserve Bank of India (RBI) and the Finance Ministry as well. It is being done to provide banking facilities to EPFO subscribers via EPFO 3.0. If the same gets implemented, the initiative will let the subscribers access debit cards and withdraw EPFO funds out of ATMs.

The users should know that getting an ATM card will not allow them to withdraw the entire amount from their EPFO contributions. Expectations are that the withdrawals will have an upper limit on them. However, the service will greatly benefit EPFO subscribers eliminating the need for office visits.

As of now, the members of the Employees’ Provident Fund Organization are supposed to file the claim through an online portal. After which they are supposed to wait for a period of 15 to 20 days to get their money. Now, it will be interesting to see how the claim for the money will work as if the EPFO will reduce the time period of processing the claim or not.

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