No EPF nominee? How PF money will be paid after EPFO member's death
Employees' Provident Fund (EPF) account allows nominees to receive a portion of PF accumulations, EDLI benefits, and pension payments in the case of a member's death. Under the EPF scheme, both the employee and the employer contribute 12 per cent of the employee's base salary and dearness allowance. EPF deposits currently earn an annual interest rate of 8.1 per cent. Members should ensure to nominate their nominees, who would get the PF amount to their credit as well as the pension. Nominations can be made for one or more persons belonging to his family duly mentioning the percentage of share.
Who can an EPF member add as a nominee?According to EPF guidelines, any member who has a family may designate one or more family members as nominees. Additionally, a member without a family may suggest anyone else. However, this nomination will be void if the individual has a family.
You Might Also Like:Who are the eligible nominees under EPF, EPS and EDLI
If there is a nomination mentioned in the account, the department will pay the amount based on the percentage mentioned.EPF e-nomination benefits The Employees' Provident Fund Organisation (EPFO) has asked members to include e-nominations. The e-nomination assists in transferring the benefits of Employees' Provident Fund account holders to their dependents in the event of the account holder's untimely death. It enables nominees to access the account holder's EPF, Employees' Pension Scheme (EPS), and Employees' Deposit Linked Insurance Scheme (EDLI) funds online.
If the EPF account has no nomination, how PF amount will be paid after the EPFO member's death?According to the EPF FAQ page, “It is payable to the family members in equal shares, under Para 70(ii) of EPF scheme, 1952. If
Read more on economictimes.indiatimes.com
