E-Nomination Compulsory for Withdrawal (New Update on the EPFO Portal of Member)

Now all EPFO members compulsory have to do the E-nomination in order to avail the various benefits as framed by EPFO in the act

The benefits of filing e-nomination are as follows:

1) Filing of e-nomination helps in getting Provident Fund (PF), Pension (EPS), and Insurance (EDLI) benefits easily in case of the death of the member

2) It also facilitates the nominee to file online claims
The EPFO members must be aware of the benefits of the different EPFO schemes. They are as follows:

Benefits of EPF
The EPFO members must be aware of the various benefits of the EPF scheme. They are as follows:

1) Accumulation plus interest upon retirement, resignation, death.

2) Partial withdrawals allowed for specific expenses such as house construction, higher education, marriage, illness, and others

Benefits of EPS

The benefits under the EPS scheme are as follows:

1) Monthly benefits for superannuation/ retirement, disability, survivor, widow (er), children

2) Amount of pension based on average salary during the preceding 12 months from the date of exit and total years of employment.

3) Minimum pension on disablement

4) Past service benefits to participants of erstwhile Family Pension Scheme.

Benefits of EDLI

The EDLI Scheme is an insurance scheme that provides life insurance benefits to all employees who are members of the Employees’ Provident Funds Scheme, 1952 or of PF Schemes exempted under Section 17 of the EPF & MP Act, 1952. The EDLI scheme is supported by a nominal contribution by the employers
(@0.5 percent of monthly wages, up to the maximum wage limit of Rs 15,000).

No contribution is payable by the employees for availing of insurance cover under this Scheme. The benefits payable under EDLI Scheme have been enhanced by the Central Government.