Nowadays, almost every salaried employee has an EPF account. For many decades, the money for EPF gets added to the account and everyone feel great about it. However, it shall be noted that most of us do not pay attention to a petty and small thing which can easily lead to a big problem. And the problem is not having the correct nominee in the respective EPF (and all the other related products).
Further, if in case a person does not have any name mentioned as nominee name in EPF or if he/ she has a wrong person name nominated in EPF, then, in that case, it will be going to be a big mess at the of claiming the money in future or if in case something happens to him/ her. Consequently, the family will have run here and there, from post to pillars, to claim back the deposited money.
Also, it shall be noted that there are a lot of people present, who have made nominations long back in their respective EPF (Employee Provident Fund), even when they were unmarried and most of them put their parents name into it. However, later they got married and have kids, and mostly parents are not there now. In these cases, it is highly critical and required that one should update his/ her nominations in Employee Provident Fund. Moreover, the great part is that it can now be done online as well.
Concept of Employee Provident Fund
The EPF (Employee Provident Fund) is a retirement benefit scheme, in which the employees of an organization contribute a small part of their basic monthly pay. In the same transaction, the employer also requires to contributes a similar portion of amount from his behalf towards the scheme.
Further, it shall be noted that a voluntary provident fund is not an Employee Provident Fund but is an extension to EPF.
Concept of E-Nomination Facility in EPF Accounts
In the year 2019, EPFO (Employee Provident Fund Organisation) came up with E-Nomination Facility for the EPF accounts. The said facility can only be availed by a person if he/ she had their mobile number registered or linked with the active UAN. Also, the Aadhaar Verification is complete as well. The same ensures that the whole process is safe and secure and no frauds are involved.
Procedure to Update Nominee Online in Your Account
The steps involved in the procedure of update are as follows:
- In the first step, go to official EPFO website, wherein you need to enter your UAN num ber, together with password. Also, it shall be noted that the UAN website has modified quite a lot of times, so one might have to find out the exact website URL;
- Now, select the “profile” section and after that click on “Edit Nominations”;
- Further, on the next page, select the nomination form and after that you will see a screen, wherein some fields will be present as stated below. These fields will get auto populated from the details available in the database. Also, it shall be taken into consideration that these cannot be edited or modified.
The fields shown on the screen are as follows:
- Member ID;
- Establishment ID;
- Date of Birth;
- Father/ Spouse Name;
- Date of Joining;
- Marital Status;
Further, the details that can be modified are Permanent and Personal Address. However, if in case the present address is just the same as the permanent address, then, in that case, a copy of the permanent address is required to be enabled in the present address. Also, these details can be easily updated by just clicking the “UPDATE” button.;
- Now in the next page, which is the main one. The account holder can update his/ her nominee’s name and other details, together with the names of his/ her family members who will become eligible to get any type of pension after that person.
- After all the details are updated, the next screen that will appear is where he/ she can put a check-mark on the “Nomination declaration”, and then click on “Generate PDF” button;
- Further, after checking the generated PDF, now click on the option “Submit to Employer for Approval”. Thereafter, the online nomination form is duly submitted in the system to the respective employer for his approval or rejection;
- After that, he/ she will require to take a printout of the said PDF file generated and then, submit it to the respective employer after signing it;
In a nutshell, to avoid the future hassle of nomination in EPF accounts, one must update the details of nomination by following the steps mentioned above. As someone has rightly said that the more you ignore the more problematic it will become in future.