Recently it was announced that Employees’ Provident Fund Organization members can file their nominations online for PF, Pension (EPS) and Insurance Coverage (EDLI) benefits.
If you are questioning the easy ways to file e-nomination? We have prepared it for you, follow these easy steps –
- Open any internet browser and enter the official EPFO website or click on epfindia.gov.in.
From the available options, tap on ‘Services’
- A new set of options will appear, and you have to choose a reading – ‘For Employees’
- Click on ‘Member UAN/Online Service (OCS/OTP)’.
- Login with UAN and Password
- Under the ‘Manage Tab’ click on the option that reads ‘e-Nomination’
- A tab reading – ‘Provide details’ will appear on your screen, click on ‘Save’
- Tap on ‘Yes’ option to update the family declaration
- Click on ‘Add Family Details’ and fill in the required information. Note that you can add more than one nominee. (PF Rule Update)
- Now, click on ‘Nomination Details’ to declare the total amount of the share. Once done, click on ‘Save EPF Nomination’.
- Select ‘e-Sign’ to generate OTP which will be displayed on your Aadhaar linked mobile number.
Note that after this your re-enrolment will be registered with EPFO. You are not required to send any documents to the employer or the former employer. If any EPFO member still facing any query, they can log on to the official website epfindia.gov.in. (PF Rule Update)
The EPF scheme has many benefits, which include depositing interest on retirement, resignation, or death along with partial withdrawals for specific expenses like house construction, marriage, illness, higher education, and others. As far as EPF benefits are concerned, they include monthly benefits for retirement/retirement, widow, survivor of accident or natural calamity, disability, and others. (PF Rule Update)
EPFO Financial Year 2020-21
EPFO will likely to credit the interest on provident fund deposits for the financial year 2020-21 soon. According to experiences, more than 6 crore employees will get benefit before Diwali by the end of this month. The retirement body kept the interest rate on provident fund deposits unchanged at 8.5 per cent for the financial year 2020-21. The decision was taken in view of the high withdrawal and low contribution by the members during the COVID-19 pandemic. (PF Rule Update)
The passive savings of the salaried employee goes to the Provident Fund (PF). Usually 12 percent of the basic salary of the employees is deposited in the PF account every month. The employer also contributes a similar percentage. In most cases, a total of 24 per cent of the contribution is not credited to the Employees’ Provident Fund account every month. (PF Rule Update)
PF statement or PF passbook will show separate entries for contribution to PF account by employees and employer. Another column showing contribution to the Employees’ Pension Scheme can also be seen on the statement. Both EPF and EPS come under the purview of Employees’ Provident Fund Organization (EPFO). (PF Rule Update)
One part of the total retirement corpus of the employee is EPF, while the other part is EPS. A certain percentage of the employer’s contribution is diverted towards EPS. Since the basic pay (for pension purposes) is limited to Rs 15,000, 8.33 per cent of it is put in EPS. Every month, Rs 1250 of the employer’s contribution is put into EPS (PF Rule Update), irrespective of the higher basic pay.