New portal, software, AI-powered translation: EPFO 3.0 on the cards

AFTER ANNOUNCING LIBER-ALISED withdrawal norms and a proposal to introduce a UPI-linked facility, the Employees’ Provident Fund Organisation (EPFO) is set to kick off its next phase of reforms that include a new portal, new software at the backend to take into account all possible expansion over the next decade and the use of AI-powered language translation tools to give information to members in vernacular languages, a senior government official said.

- AANCHAL MAGAZINE

Branded EPFO 3.0, the revamp includes an overhaul of the fund’s technology architecture as it moves towards a core banking solution. This comes against the backdrop of the retirement fund body expanding in scale to cover both organised and unorganised sector workers after the implementation of the Labour Codes.

The core banking solution is being seen as a crucial feature in this next phase of reforms as it will enable a centralised system of operations for the EPFO, the way it is for banks, enabling members to resolve their issues at any centre in the country.