India’s retirement fund manager, the Employees’ Provident Fund Organisation (EPFO), is reportedly preparing to roll out a sweeping new reform phase known
as EPFO 3.0, marking a decisive shift toward technology-driven service delivery. The move comes soon after the organisation announced easier withdrawal rules and plans for a UPI-enabled claims process. According to a report by The Indian Express citing an official aware of the developments, EPFO 3.0 will be anchored by an entirely new digital portal and backend system designed to support reforms over the next decade. The revamp is expected to modernise both infrastructure and member-facing services at a time when EPFO’s scale and responsibilities are expanding rapidly. A Shift To Core Banking-Style Operations EPFO 3.0 is a transition to a core banking solution, a move that would fundamentally alter how the organisation operates. Similar to banks, the new system aims to centralise services, allowing members to address their provident fund issues from any location in the country rather than being tied to specific offices, claims the report. The revamp is also aligned with the rollout of the New Labour Codes, which bring unorganised, gig, and platform workers into the social security net. As per The Indian Express, EPFO may eventually take on a larger role in managing retirement funds for gig and platform workers as well. “There will be a complete revamp under EPFO 3.0, new architecture, core banking solution at the backend. We will be able to cater in terms of scale, to all the organised and unorganised workers. It will take into account the increase in volumes. The entire system will change, including the portal. As of now, incremental changes are happening; the next phase will take care of all future needs,” the official quoted by the publication said. Currently, EPFO manages a corpus exceeding Rs 28 lakh crore and serves nearly eight crore active members, underscoring the need for a system built to handle significantly higher volumes in the years ahead. AI Tools To Break Language Barriers Another key element of EPFO 3.0 is the introduction of AI-powered language tools to improve accessibility. These tools will allow members to seek information and resolve issues in their preferred regional languages, reducing dependence on English or Hindi interfaces. “We will use more vernacular tools like Bhashini to give information in the vernacular medium,” the official told IE. Bhashini is an artificial intelligence-based language translation platform developed by the Ministry of Electronics and Information Technology and is already being used across several government services. Rollout Expected To Begin Soon The groundwork for EPFO 3.0 is already underway. According to the report, EPFO is in the final stages of preparing a tender to appoint a firm responsible for implementing, operating, and maintaining the new IT framework. “The tender is broadly prepared, the financial vetting is underway. It will be floated soon,” the official said in the report.
