Employees' Provident Fund Organisation (EPFO), a statutory body under the Ministry of Labour and Employment of the Government of India, has recently issued a major update on filing or e-nomination. According to EPFO, after the deadline of December 31, 2021, one can still file an e-nomination for his or her EPF account. Employees' Provident Fund Organisation (EPFO), a retirement fund organisation, has also stated through Twitter handle that no deadline for filing e-nomination has been set as of now. This means that members can file their e-nomination anytime and on or after 31st December 2021 based on their convenience. Members can, however, opt to register an e-nomination today, which is convenient, paperless, and contactless than filing a physical nomination. Filing e-nomination as soon as possible can help in getting Provident Fund (PF), Pension (EPS) and Insurance (EDLI) benefits easily on a member's death. Whereas e-nomination to facilitate nominees will also allow you to file online pension claims from PF accounts.
How to file e-nomination for PF account online?
Before filing e-nomination a member should keep Aadhaar number and passport size photograph (up to 100kb) handy of himself or herself and also of the individual whom he or she wants to make the nominee.
- Visit https://www.epfindia.gov.in/ and go to the 'Services' section and click on 'For Employees'
- Now click on 'Member UAN/Online Service' and sign in to your account using your UAN and password.
- Under the 'Manage' tab, click on 'E-Nomination' and now a 'Provide Details' tab will appear on your device screen.
- Now click on 'Save' and then click on 'Yes' to update your family declaration.
- Now click on 'Add Family Details' and then click on 'Nomination Details' to declare the total amount of share that the nominee can claim upon your death. You can add multiple nominees as well.
- Now click on 'Save EPF Nomination' and then click on 'E-sign' to generate a one-time password on your Aadhaar-linked mobile number.
- Enter the OTP and you will get a successful message on the screen.
EPFO, on the other hand, upped its net subscriber base by 12.73 lakh in October 2021. In October 2021, total payroll additions increased by roughly 10.22% over the same month the previous year, as opposed to 11.55 lakh net subscribers added in October 2020. EPFO stated in an official announcement made on the 20th of December 2021 that "Of the total 12.73 lakh net subscribers added, 7.57 lakh new members have been enrolled under EPF & MP Act, 1952 for the first time. Approximately 5.16 lakh net subscribers exited but rejoined EPFO by opting to continue their membership with EPFO by transferring their PF accumulations from previous to present PF account instead of opting for final withdrawal."
According to the statement of the retirement fund body "Age-wise comparison of payroll data shows that the age-group of 22-25 years has registered the highest number of net enrolments with 3.37 lakh additions during October 2021. Age-group of 18- 21 also registered a healthy addition of around 2.50 lakh net enrolments. Age-groups of 18-25 years have contributed around 46.12% of total net subscriber additions in October 2021. Members of these age groups are usually fresh hands in the job market and signify a crucial stage for an individual's potential in terms of earning capacity. State-wise comparison of payroll figures highlights that the establishments covered in the states of Maharashtra, Haryana, Gujarat, Tamil Nadu and Karnataka are in lead by adding approximately 7.72 lakh subscribers during the month, which is around 60.64 % of total net payroll addition across all age groups. Gender-wise analysis indicates that the net share of female enrolment during the month is 2.69 lakh. The share of female enrolment is approximately 21.14% of the total net subscribers' addition during the month of October 2021. Industry-wise payroll data indicates that the 'expert services' category (consisting of manpower agencies, private security agencies and small contractors, etc.) constitutes 40.73% of total subscriber addition during the month. In addition, a growing trend in net payroll additions has been noted in industries like Paper, rice milling, financing establishments etc."