EPF account is a critical savings account of retirement planning. The interest and contribution will give a healthy growth of your money, and this will be a good source of income in old age.
Nomination:
The nomination is the process of naming an individual(s) as a nominee or administrator to receive his or her EPF savings upon the member’s death.
Why do you need to make a nomination:
It is always important to nominate a person to your EPF account.Then only the nominated person(s) can withdraw your EPF savings in the event of death. If you did not make any nomination for your EPF savings, your dependants might encounter difficulties when staking their claim on your EPF savings
The Employees’ Provident Fund Organisation (EPFO) launched an e-nomination facility for EPF account holders. In a circular dated 12 September, the fund manager said that the facility can be availed by members who have linked their Aadhaar and verified it on its “member sewa portal.”
You will need to login into your account on the Sewa portal and check if your UAN (Universal Account Number) is activated on avail the facility. The service also requires you to have your photograph available on the portal.
Members can only nominate his/her family members as per EPFO rules. However, if the member does not have a family, they can nominate only one person. This nomination will become invalid after the member acquires a family.
For those who haven’t nominated anyone, a message will pop-up on the screen to file their e-nomination, when they login into the portal.The list of members that have not filed nominations is also displayed to the employers at their log in page.
