According to EPFO, on the basis of evaluation, Infosys Limited, TCS Limited and Wipro Limited have been found to be eligible. They have been shortlisted to participate in the next phase of the procurement process. The circular also clarified that this shortlisting is merely an administrative step. It does not give any legal or contractual rights.

New features available from EPFO 3.0

The upgraded version 3.0 of EPFO will provide an advanced IT platform. It will provide seamless and simple services to the members. Many important changes and improvements will be made under this.

• Efficient processing: Auto-claim settlement facility will be provided. This will ensure that claims are settled automatically without any manual intervention. This will increase both the speed and efficiency of the service.
• ATM Withdrawal: Beneficiaries can avail the facility of withdrawing funds through ATM after claim settlement, just like bank withdrawal.
• Digital Services: Members will be able to correct their account details online and the process will be completed digitally.
• OTP-based authentication: There will be an option for OTP based authentication for account changes. This will eliminate the long and time consuming form process.

Improvement in pension and grievance redressal

EPFO 3.0 will also include a Centralised Pension Payment System. This will enable EPS 1995 pensioners to receive their pension funds from any bank in the country. Apart from this, the grievance redressal mechanism will also be strengthened, which will resolve the problems of the members faster.