In India, the account holders in the Employees Provident Fund (EPF) must add a nominee by December 31. Employees will forfeit various benefits if this is not done.
Only nominated members have access to EPF savings in the event of a subscriber’s untimely death. Subscribers can nominate several nominees and set the percentage of each nominee’s share of the prize pool.
Almost every salaried person in India has an Employees Provident Fund Organization account, which provides a source of income after they retire.
However, if an employee fails to update his or her nominee information by December 31, he or she will lose all benefits, including pension and insurance money, beginning in 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.
The purpose of filing a nomination is to ensure benefits for the PF account holder’s dependents in the event of his or her death.
If an account holder suffers a loss, the nominee will be eligible for benefits from the insurance and pension plans.
(With inputs from agencies)
In India, the account holders in the Employees Provident Fund (EPF) must add a nominee by December 31. Employees will forfeit various benefits if this is not done. Only nominated members have access to EPF savings in the event of a subscriber’s untimely death. Subscribers can nominate several nominees and set the percentage of each nominee’s share of the prize pool. Almost every salaried person in India has an Employees Provident Fund Organization account, which provides a source of income after they retire. However, if an employee fails to update his or her nominee information by December 31, he or she will lose all benefits, including pension and insurance money, beginning in 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. The purpose of filing a nomination is to ensure benefits for the PF account holder’s dependents in the event of his or her death. If an account holder suffers a loss, the nominee will be eligible for benefits from the insurance and pension plans. (With inputs from agencies)