EPFO Update- Members to Keep Pace with This Rule to Get Benefits Worth Rs 7 lacs

EPFO Rule to Get Benefits Worth Rs 7 lacs

EPF has come with a big update for subscribers. The buzz has it that the EPFO members now have to file an EPF nomination via the digital route in order to ensure the benefits for their family members. The update has recently flashed urging all the subscribers to file an e-nomination to offer social security to their family as soon as possible. 

It is to be noted that the EPFO has upped the amount pertaining to the maximum assurance benefit as per the Employees Deposit Linked Insurance (EDLI) scheme. The amount has been increased to the benefit of up to Rs 7 lakhs in June this year. 

As per what this scheme entails, the nominee is eligible to get the amount of Rs 7 lakhs in the event of the account holder’s death due to illness, accident or a natural cause. This scheme has been mandated for all account holders. 

EPF/EPS Nomination

So the deal is to get started with your nomination. How to file your EPF/EPS Nomination online? Here is what you need to do in order get your nomination filed digitally and deploy the eligibility for benefits-

Step 1- Navigate to the official website of EPFO

Step 2- Now hop to the ‘Services’ option

Step 3- Hit the ‘For Employees’ section

Step 4- Click on the ‘Member UAN/Online Service’ option

Step 5- You will now find the e-SEWA portal on your screen. Log in to it with your UAN number, password and captcha

Step 6- After logging in, head to the ‘Manage’ tab and choose e-Nomination

Step 7- Choose the ‘Yes’ option in order to update the family declaration

Step 8- Then click on the ‘Add Family Details’ option

Step 9- Tap on ‘Nomination Details’ and after that, input the total amount of the share

Step 10- After that, you need to click on ‘Save the EPF Nomination’

Step 11- You need to generate the One-Time Password (OTP) now and to do that, you have to click on the ‘E-Sign’ option. Note that the OTP number will be sent to your Aadhar-linked number

Step 12- Enter the OTP to complete the registration process

Benefits of EPF and EPS

EPFO was introduced by the Ministry of Labour in order to cushion the financial future of employees of government, public and private sectors under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. 

Benefits of EPF

  • Accumulation of the amount contributed along with interest upon resignation, retirement or death. 
  • Partial withdrawals to back eligible expenses such as wedding, contruction etc. 

Benefits of EPS

  • Monthly benefits for retirement, disability, widower and children.
  • The minimum pension for disability

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