New Delhi, May 29 -- Under the proposed EPFO 3.0 system, the Employees' Provident Fund Organisation (EPFO) wiill see massive changes - includingfully paperless process and the introduction of ATM-like withdrawals for EPF accounts. While the move marks a major step forward in modernising the EPFO system, many older employees are worried that taking out a large amount could affect their pension benefits under the Employees' Pension Scheme (EPS).

EPF (Employees' Provident Fund) and EPS (Employees' Pension Scheme) are government-backed retirement savings platforms in India, both managed by the EPFO. However, EPF savings and EPS pension contributions are treated separately.

The ATM withdrawal facility will apply only to the EPF balance, whic...