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Sunday, January 23, 2022

PF Update: Do THIS by December end or EPF benefits will stop | Personal Finance News

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New Delhi: Employees with Provident Fund accounts must make this modification in their EPF account by December 31, as new rules will take effect next month. It is required for PF account holders to add a nominee so that if the account holder dies unexpectedly, the fund can be conveniently accessible to the nominee on time. In such a case, if you have not yet enrolled your nominee to the PF account, do it as soon as possible because the deadline is approaching at the end of this month.

It is critical to name a nominee for your EPF or EPS account in order to ensure that your loved ones benefit from your life savings even if you are not present. Employees Provident Fund Organisation (EPFO) members can now digitally submit EPF and EPS nominations by signing in to the EPFO website — epfindia.gov.in. It should be remembered that an EPF account holder can alter the nominee for their EPF account by completing a fresh PF nomination. However, an EPF member can now change the nominee in his or her account online. This can be accomplished by submitting a fresh PF nomination.

EPFO advised its official Twitter handle on how to update EPF/PF nomination online, stating, “#EPF Members can file new nomination to change existing EPF/#EPS nomination.” The name of the PF nominee provided in the most recent PF nomination would be deemed the final one, while the earlier PF nomination will be considered cancelled by the PF account holder following a new PF nomination.

EPF members should keep in mind that they can file an e-nomination at any time and from any location using their UAN login. Because nomination must be updated after marriage and to get online payment of PF, Pension and Insurance (EDLI) up to Rs 7 lakhs, one can file an e-Nomination with a self-declaration solely, with no proof or approval from the employer, according to EPFO standards. Follow the steps outlined below to declare an e-nomination:

  • After login in, navigate to the Employees area and select ‘Member UAN/Online Service.’
  • Now enter your UAN and password to log in. Click on E-Nomination’ under the ‘Manage’ option.
  • To change the family declaration, click ‘Yes.’ You can now add more than one nominee by clicking on ‘Add Family Details.’
  • After that, click on ‘Nomination Details’ to disclose the total amount of shares, then ‘Save EPF Nomination’.
  • To generate an OTP, click ‘e-Sign.’ Now enter the OTP that was issued to your Aadhaar-linked cellphone number.
  • Your nomination will be successfully registered with EPFO once the OTP has been verified.
  • There are no more physical documents to provide after a successful e-Nomination.

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