The Employees Provident Fund Organization (EPFO), the retirement fund body, has said that the account holders can add nominees to the Employees Provident Fund (EPF) account even after December 31. However, the retirement fund body in a tweet advised its account holders to do e-nomination at the earliest.
Earlier, it was reported that the last date to add nominees through the e-nomination was supposed to end on December 31.
It must be noted that only nominated members can withdraw the EPF savings in the event of subscribers' sudden demise. Subscribers can nominate more than one nominee and also fix the percentage of sharing among all such nominees.
EPF account holders can add the nominee online and to avail it, subscribers must have an active Universal Account Number (UAN) and Aadhaar details should have been seeded to subscribers' EPF account.
In May this year, EPFO hiked the maximum sum assured payable under the Employees’ Deposit Linked Insurance (EDLI) scheme to Rs 7 lakh.
EDLI is one of the schemes formulated under the Employees’ Provident Fund and Miscellaneous Provisions Act (EPF and MP Act), 1952. Under this, the registered nominee receives a lumpsum payment in the event of the death of the person insured, during the period of the service.
(Edited by : Anshul)
First Published: IST