India, May 30 -- Millions of Employees' Provident Fund Organisation (EPFO) subscribers could soon be able to withdraw their provident fund (PF) savings with unprecedented ease. The Centre is readying up to launch EPFO 3.0, a major digital upgrade that will allow members to withdraw PF money via UPI and UPI-enabled ATMs, drastically curbing both the paperwork and the time involved.

The move is expected to transform the way workers access their retirement savings but employees are concerned that withdrawing PF funds could impact their pension under the Employees' Pension Scheme (EPS).

What Is EPFO 3.0?

EPFO 3.0 is a digital modernisation initiative to make PF services faster, easier and set paperfree. Under the new scheme, members can ch...