In EPF I have nominated two nominees & distributed an equal amount of share to each i.e. 50% if the First nominee expires & his 50% share will be given to the second nominee is it correct?
From India
Acknowledge(0)
Amend(0)
1From India
Acknowledge(0)Amend(0)
If one of the two nominees expire then the other nominee gets 100%. What you stated is correct.
From India, Mumbai
Acknowledge(0)Amend(0)
From India, Mumbai
Acknowledge(0)Amend(0)
At the time of claim, the claimant has to produce the death certificate of the EPF subscriber as well as the death certificate of the 2nd nominee. However, the fund may ask for an indemnity if either of the nominees passes away. If the EPF subscriber is alive but one of the nominees has passed away, the nomination can be changed by the subscriber using the Umang app.
Acknowledge(0)Amend(0)
Acknowledge(0)Amend(0)
In PF & Gratuity Nomination, an employee mentioned a nominee to his wife and brother. He allocated 75% to his wife and 25% to his brother. The question is whether his brother is eligible to receive 25% of the benefits under the PF & Gratuity act. Now that the employee has passed away.
From India
Acknowledge(0)Amend(0)
From India
Acknowledge(0)Amend(0)
For employment-related claims, the benefits remain limited to the spouse and minor children only. However, if the wife of the deceased does not raise any objection, then the brother will receive the percentage as mentioned in the nomination.
Acknowledge(0)Amend(0)
Acknowledge(0)Amend(0)
As per the rules of the EPF scheme, in case the provident fund account holder doesn’t have a family while filing the nomination, then he is eligible for nominating any person or persons. But after acquiring a family , the PF member can only nominate one or more persons belonging to the family. The family includes ‘spouse,’ ‘legitimate children,’ ‘stepchildren,’ ‘deceased son’s widow,’ ‘deceased son's legitimate children,’ ‘deceased son's step-children’ and ‘dependent parents’ are considered as legal ‘family members’ . Any nomination made by a PF account holders in favour of a person not belonging to his family will be treated invalid.
The brother is outside the family and the nomination is invalid, so the share given to the invalid member reverts to the valid member and can be paid to the spouse in this case.
From India, Mumbai
Acknowledge(0)Amend(0)
The brother is outside the family and the nomination is invalid, so the share given to the invalid member reverts to the valid member and can be paid to the spouse in this case.
From India, Mumbai
Acknowledge(0)Amend(0)
In PF Nomination Form 2, Para 18 (EPS) - nomination for the Employee Pension Scheme should be given to only 2 children below 25 years. Can an employee mention three/four children of his family, irrespective of their age, and later if the employee expires, the pension will be given to the children based on their age (below 25) at the date of death? Is it correct?
Can an employee nominate three/four children's names in Form 2, Para 18 (EPS)?
From India
Acknowledge(0)Amend(0)
Can an employee nominate three/four children's names in Form 2, Para 18 (EPS)?
From India
Acknowledge(0)Amend(0)
When children above 25 years are ineligible to receive a pension, there is no point in nominating such children who are aged above 25 now itself. In EPS, a pension is given irrespective of the corpus of contribution. So, as a welfare measure to the member's family, the pension is paid only up to 25 years, and thereafter it ceases. Such welfare schemes are worked out based on certain core assumptions, and it is not a fanciful idea to fix a ceiling of 25 years.
From India, Mumbai
Acknowledge(0)Amend(0)
From India, Mumbai
Acknowledge(0)Amend(0)Engage with peers to discuss and resolve work and business challenges collaboratively - share and document your knowledge. Our AI-powered platform, features real-time fact-checking, peer reviews, and an extensive historical knowledge base. - Join & Be Part Of Our Community.
PROCESS FLOW FOR EPF E-NOMINATION.pd f
Online Nomination-EPF & EPS.jpg