New Delhi, April 8 -- The Employees' Provident Fund Organisation (EPFO) will soon launch EPFO 3.0, a major change and upgrade that will focus on bringing core banking-like effectiveness, efficiency and clarity in the EPFO system.

The primary objective of EPFO 3.0 will be to introduce UPI-based fund withdrawals and simplified PF usage. This entire process aims to serve over seven crore members across the country by drastically reducing delays, errors, and paperwork requirements in a rapidly evolving job market.

EPFO is a complete overhaul and reset of the company's technological infrastructure. The objective is to shift from pathwork upgrades and minor changes to a core banking style system.

The new system is expected to operate on simi...