EPF subscribers can now update their nomination details online through the official EPFO website, provided they have an Aadhaar verified Universal Account Number (UAN). According to reports from Mint, the process requires subscribers to complete the nomination form with e-sign authentication using their Aadhaar number and OTP verification. The online facility is available exclusively for UAN holders who have completed Aadhaar verification, making it a streamlined process for account updates. To ensure smooth disbursal of EPF and EDLI benefits, employees should submit nomination through the EPFO member Portal and ensure nominee details are updated regularly.
The online nomination process requires comprehensive details including Aadhaar, name, gender, date of birth, relation, address, bank account details (optional), guardian (for minor beneficiaries), and photograph (size not exceeding 100KB). As reported by Mint, subscribers must also specify the total percentage share allocation among nominees, ensuring the combined percentage equals 100% for multiple nominations. The system automatically calculates the total share distribution across all nominated beneficiaries. Any major life event, such as marriage, addition of family members, or changes in existing nominee details should be reflected in nomination records to avoid delays or disputes during claim settlement.
EPF subscribers are eligible for ₹7 lakh life insurance cover under the Employees' Deposit Linked Insurance Scheme (EPLI), funded entirely by employers without any additional cost to employees. The scheme provides a minimum guaranteed benefit of ₹2.5 lakh and calculates the final payout based on 35 times the employee's average monthly wages plus a bonus linked to average PF balance over the 12 months preceding death. If an employee dies before completing one year of continuous service, the minimum payout benefit available is ₹50,000, even though their PF account may not have sufficient balance. The cover is valid only while employees remain active EPF members during service period, with nominees or legal heirs claiming benefits through Form 5 IF submission to local EPFO offices.
According to the EPFO guidelines reported by Mint, spouse and children are defined as family members for pension fund purposes, requiring their inclusion in family lists with Aadhaar copies and photographs. Unmarried members without spouse or children can nominate any person regardless of relation, while married subscribers must include their spouse even if they don't wish to nominate their husband/wife under PF. For male subscribers, eligible nominees include wife, children (married and unmarried), dependent parents, and widow of son and children, while female subscribers can nominate husband, children (married or unmarried), dependent parents, spouse's dependent parents and widow of son and children. Any company or organisation with more than 20 employees are required to register for EPF, making all employees automatically eligible for the EDLI scheme.
The Employees' Provident Fund Organisation (EPFO) is currently providing 8.25% interest for EPF and voluntary provident fund (VPF) contributions by salaried citizens, as reported by Mint. This quarterly interest rate applies to both mandatory EPF contributions and voluntary VPF contributions made by employees. The EDLI scheme is funded by employers contributing 0.5% of basic salary with no deduction from employees, ensuring no additional financial burden on subscribers. Claims are processed within 20 days for regular deaths, while the EPF commissioner must settle claims within 30 days from receipt, with claimants entitled to 12% per annum interest if settlement is delayed.
