Employees Provident Fund Update: All account holders of the Employees Provident Fund will have to make changes in their accounts by December 31, as a new rule will be implemented from next month. The Employees Provident Fund Organisation (EPFO) has in a notification said that employees will need to add a nominee to their EPF accounts by December 31 this year. If this is not done, the employees will lose out on several benefits that the top retirement body, backed by the central government, offers. To avoid this, EPF account holders must add a nominee to their accounts, which can be done online.
Almost all salaried individuals in India have an account at the Employees Provident Fund Organisation, which serves as a source of income following their retirement. Every month, a certain amount of money is deducted from the employee’s salary, which is credited to him or her after retirement. The same amount of money is also provided by the employee’s company every month. However, if an employee does not update the nominee details by December 31, he or she will not receive any benefits including pension and insurance money from January 2022.
“It is critical for subscribers to register nominations to care for their spouse, children, and parents and to safeguard them through online PF, pension, and insurance,” said EPFO in a statement. Filing of nomination is aimed at ensuring benefits for the dependents of the PF account holder in event of a mishap with him or her. The nominee will be able to receive benefits from the insurance and pension schemes if such an incident happens to an account holder.
How to File EPF Nomination Online
Here is how you can file EPF nomination from the official website of the Employees Provident Fund Organisation
Step 1: Open any internet browser and enter the official EPFO website or click at epfindia.gov.in.
Step 2: From the options available, tap on ‘ Service’
Step 3: A new set of options will appear, and you have to choose the one reading – ‘For Employees’
Step 4: Click on ‘Member UAN/ Online Service (OCS/OTP)
Step 5: Log in with the UAN and password that you have set previously
Step 6: Under the ‘Manage Tab’ click on the option reading ‘E-nomination’
Step 7: A tab reading – ‘Provide Details’ will appear on your screen, click on ‘Save’
Step 8: Tap on the ‘Yes’ option to update the family declaration
Step 9: Click on ‘Add Family Details’ and fill in the required information. Note that you can add more than one nominee.
Step 10: Now, click ‘Nomination Details’ to declare the total amount of share. Once done, click on ‘Save EPF Nomination’
Step 11: Select ‘E-sign’ to generate OTP which will appear on the mobile number linked to your Aadhaar number
Note that after this, your e-nomination will be registered with EPFO. You are not required to send any documents to the employer or ex-employer. If any EPFO member is still facing any queries, they can log in to the official website at epfindia.gov.in.
Their are several benefits of the EPF scheme, which include accumulation plus interest upon retirement, resignation, or death along with partial withdrawals for specific expenses like house construction, marriage, illness, higher education, and others. As far as benefits of EPF are concerned, they include monthly benefits for superannuation/ retirement, widow, surviving an accident or natural calamity, disability, and others.
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