Union Labour and Employment Minister Mansukh Mandaviya has announced that preparations are underway to launch a new mobile application and debit card facility for Employees’ Provident Fund Organisation (EPFO) subscribers by May-June 2025. This initiative is part of the ongoing upgrade to the EPFO’s IT system, known as EPFO 2.0, which is expected to be completed by the end of January.
The upgraded system will pave the way for the launch of EPFO 3.0, a mobile app that will offer banking services to EPFO subscribers. The new app will centralise the entire system, making it easier for users to settle claims and manage their accounts.
Discussions are currently taking place between the Reserve Bank of India (RBI) and the Finance Ministry to integrate banking facilities into the EPFO 3.0 app. If successful, this will allow subscribers to access debit cards and withdraw funds from ATMs.
However, the debit card will not provide unlimited access to the entire EPFO balance. A withdrawal limit will be set, and subscribers will be able to withdraw within this limit without needing prior approval from the EPFO, unlike the current system which requires formal permission for withdrawals.
This new development is expected to make life easier for EPFO subscribers, eliminating the need for time-consuming paperwork and visits to the EPFO office.
In his address, Minister Mandaviya also highlighted the government’s achievements in job creation. He stated that 17.19 crore individuals secured employment during the Narendra Modi government’s tenure from 2014 to 2024, a significant increase compared to the UPA government’s performance. In the most recent year (2023–2024), approximately 4.6 crore jobs were created.
Focusing on the agricultural sector, the Minister noted that employment in agriculture declined by 16% between 2004 and 2014 under the UPA government. However, under the NDA government, agricultural employment increased by 19% from 2014 to 2023.
