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Friday, January 21, 2022

Have a Provident Fund account? Do THIS by December 31 or lose important benefits | Personal Finance News

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New Delhi: Do you have a PF (Provident Fund) account? Then this data is critical for you! Ignoring it may result in the loss of crucial PF account benefits! The Employees’ Provident Fund Organisation (EPFO) has made it necessary for all PF account holders to designate a nominee. The deadline for adding the nominee is December 31, 2021. Failure to add a nominee to your PF account by the necessary date can result in a variety of problems, including the loss of benefits such as insurance money and pension. Importantly, PF account holders can add the nominee online, as we describe here.

“EPFO users should take advantage of the e-nomination capability for their family’s social security.” Fill out your e-nomination form online to take advantage of provident fund, pension, and insurance services. “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 (sic),” EPFO stated in a statement. The nomination is intended to give protection to the dependents of PF account holders; in the event of a mishap with the PF account holder, the nominee will be able to receive benefits such as insurance or a pension scheme..

How to do the e-nomination to your PF account?

To add a nominee, PF account holders do not need to visit an offline centre. They can enter the PF nominee’s information online. Furthermore, EPFO permits PF account holders to add additional nominees’ names to their accounts. Aside from that, the tax account owner has the option of determining which portion the nominee would receive.

– The first step is to visit EPFO’s official website at https://www.epfindia.gov.in/site en/index.php..

– Then, under ‘Services,’ select ‘For Employees’ from the drop down selection.

– Then select ‘Member UAN/Online Service (OCS/OTCP)’.

– Following that, you must log in using your UAN and password.

– Under the ‘Manage’ page, you’ll see the ‘E-Nomination’ option. Tap it to activate it.

– To change your family declaration and the ‘add family details’ or nominee details, click ‘yes.’ There, you must submit all of the nominee’s requested information.

– If you want to add more than one nomination, click the ‘Add New Button’ and enter the information for the additional nominee.

Your e-nomination process will be completed as soon as you save your family information.

You only need to make sure that if you haven’t already, you add your nominee to your PF account before December 31, 2021.

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