EPFO 3.0 overhaul to bring new portal, AI features
What's the story
The Employees's Provident Fund Organisation (EPFO) is gearing up for a major transformation with the introduction of EPFO 3.0. The revamp will include a new portal and backend software, as well as AI-powered language tools to make services more accessible for members. The move comes after the EPFO relaxed withdrawal norms and proposed a UPI-linked withdrawal facility recently.
Technological upgrade
EPFO 3.0: A shift to core banking solution
The EPFO 3.0 will see a major overhaul as it moves toward a core banking solution. This is seen as a key part of the revamp, which will allow centralized operations similar to those offered by banks. The change is aimed at improving services for both organized and unorganized sector workers after the introduction of new Labour Codes.
Expanded coverage
EPFO 3.0 to enhance control over retirement funds
The EPFO 3.0 revamp could involve the organization in administering a social security fund for unorganized workers. The official quoted by The Indian Express said, "There will be a complete revamp under EPFO 3.0, new architecture, core banking solution at the backend." This change is expected to help the organization cater to all organized and unorganized workers on a larger scale.
AI integration
EPFO 3.0 to use AI for language translation
Another key feature of EPFO 3.0 will be an AI-powered language tool. The official said, "We will use more vernacular tools like Bhashini to give information in the vernacular medium." Bhashini is an AI-based language translation platform developed by the Ministry of Electronics and Information Technology, which will be used to improve communication with members in their native languages.
Implementation plan
EPFO 3.0's IT platform tender in final stages
The development of EPFO 3.0 is expected to begin soon as the organization is nearing the end of finalizing a tender to appoint an agency. The agency will implement, operate and maintain an IT platform for various needs under the revamped face. "The tender is broadly prepared, the financial vetting is underway," said the official.