Hi
Can a married woman nominate her mother as a nominee in PF if her father is in service pls advice in this issue,
And if any body has not withdrawn the PF from his or her previous two companies then what are the ways to get the amount from both the companies
Cheers
Rashmi
From India, Mumbai
Can a married woman nominate her mother as a nominee in PF if her father is in service pls advice in this issue,
And if any body has not withdrawn the PF from his or her previous two companies then what are the ways to get the amount from both the companies
Cheers
Rashmi
From India, Mumbai
604
Hi Rashmi, "Family" in terms of PF act for married people is Husband / wife and Children. If you are presently working you have to transfer your PF Fund from previous organization.
From India, Ahmadabad
From India, Ahmadabad
Do you know the acts and clause for the nominees in PF i think Mother can be nominated in case of married woman
From India, Mumbai
From India, Mumbai
There are Two PArts in your Introduction in Form-2
PartA EPF In this Part You a can Nominate any one as your Nominee either Husband, Father, Mother or also you can divide percentages as u like to all(You can one nominee or several)
PArt B Pension Nominee in this the Nominee should be Family i.e If married women Husband, children
For Further information You can contact me
96666026279
From India, Visakhapatnam
PartA EPF In this Part You a can Nominate any one as your Nominee either Husband, Father, Mother or also you can divide percentages as u like to all(You can one nominee or several)
PArt B Pension Nominee in this the Nominee should be Family i.e If married women Husband, children
For Further information You can contact me
96666026279
From India, Visakhapatnam
Dear All,
I fully agree with Shri Santoshvegi. One can nominate anybody whether blood relative or otherwise for PF dues, the nominee may be one or more than one with their shares defined. If the share is not defined, then the shares will be equal to each nominee. For example, if there are two nominees with their shares defined as 75% and 25%, they will get the dues in this proportion. If the shares are not defined, both will get the dues in 50:50 ratio. For family pension, however, only spouze and children are eligible. Other relatives or non related nominees are entitled to only return of capital but not the family pension. Nominee for PF can be anyone, whether earning or not earning. If a father is earning, still he can be nominee for PF.
As regards enquiry about previous two PF, I would like to share here that while leaving one job and taking up a new one, the employees may better prefer to inform the new employer about his/her previous PF account no. and get it transferred to the new employer instead of opening new PF accounts every time one changes a job. Such a practice will not only reduce burden on the PF organization of maintaining multiple accounts, but will also give maximum benefits to the employee in the form of continuation of previous membership. I mean to say, if existing account is continued, one gets weightage of his previous service and membership and thus becomes eligible for higher amount of pension at the time of superannuation. The young generation leaving one job and taking up better jobs may please ponder on this point, study the relevant rules on the site of the EPF and prefer to continue their existing PF account with the new employer. It is always beneficial to them. If someone wants more explanation on this point, please contact me on my personal email <shyaam.agrawal@gmail.com>. Warm regards,
From India, Pune
I fully agree with Shri Santoshvegi. One can nominate anybody whether blood relative or otherwise for PF dues, the nominee may be one or more than one with their shares defined. If the share is not defined, then the shares will be equal to each nominee. For example, if there are two nominees with their shares defined as 75% and 25%, they will get the dues in this proportion. If the shares are not defined, both will get the dues in 50:50 ratio. For family pension, however, only spouze and children are eligible. Other relatives or non related nominees are entitled to only return of capital but not the family pension. Nominee for PF can be anyone, whether earning or not earning. If a father is earning, still he can be nominee for PF.
As regards enquiry about previous two PF, I would like to share here that while leaving one job and taking up a new one, the employees may better prefer to inform the new employer about his/her previous PF account no. and get it transferred to the new employer instead of opening new PF accounts every time one changes a job. Such a practice will not only reduce burden on the PF organization of maintaining multiple accounts, but will also give maximum benefits to the employee in the form of continuation of previous membership. I mean to say, if existing account is continued, one gets weightage of his previous service and membership and thus becomes eligible for higher amount of pension at the time of superannuation. The young generation leaving one job and taking up better jobs may please ponder on this point, study the relevant rules on the site of the EPF and prefer to continue their existing PF account with the new employer. It is always beneficial to them. If someone wants more explanation on this point, please contact me on my personal email <shyaam.agrawal@gmail.com>. Warm regards,
From India, Pune
There is a general misconception in most minds that Nominee is the beneficiary of the proceeds of a deceased.
A nominee is simply a custodian for most assets, except in case of equities.
Recently, when the Supreme Court ruled that a nominee may not necessarily be the beneficiary of a deceased person’s proceeds, it opened a debate regarding the status of a nominee vis-à-vis a legal heir.
Y P Trivedi, senior Supreme Court counsel, said: “The well-known theory is that a nominee is merely a trustee, not the owner. He/she may temporarily possess the money, but will have to hand it over to the actual heir when the situation arises.”
For most investments, the legal heir is entitled to the deceased’s assets. For instance, Section 39 of the Insurance Act says the appointed nominee will be paid, though he/she may not be the legal heir. The nominee, in turn, is supposed to hold the proceeds in trust and the legal heir can claim the money.
Similarly, Reserve Bank of India (RBI) guidelines specifies that the deceased’s nominee would receive the money in the capacity of a trustee of legal heirs. The same applies for all other financial transactions such as public provident fund, mutual funds and others where the nominee plays the role of a trustee rather than the owner.
As for the transfer of the PF in the previous employer's account to the Current employer's account, you need to submit FORM No. 13 (Revised) through your present Employer, to get proceeds of your previous PF Accounts transferred to your current PF Account.
FORM 13 is used for transferring the Provident Fund account of a member from one establishment to another establishment covered under the act / scheme. You can have a copy of Form 13 at the following link:
http://epfindia.com <link updated to site home>
From India, Chandigarh
A nominee is simply a custodian for most assets, except in case of equities.
Recently, when the Supreme Court ruled that a nominee may not necessarily be the beneficiary of a deceased person’s proceeds, it opened a debate regarding the status of a nominee vis-à-vis a legal heir.
Y P Trivedi, senior Supreme Court counsel, said: “The well-known theory is that a nominee is merely a trustee, not the owner. He/she may temporarily possess the money, but will have to hand it over to the actual heir when the situation arises.”
For most investments, the legal heir is entitled to the deceased’s assets. For instance, Section 39 of the Insurance Act says the appointed nominee will be paid, though he/she may not be the legal heir. The nominee, in turn, is supposed to hold the proceeds in trust and the legal heir can claim the money.
Similarly, Reserve Bank of India (RBI) guidelines specifies that the deceased’s nominee would receive the money in the capacity of a trustee of legal heirs. The same applies for all other financial transactions such as public provident fund, mutual funds and others where the nominee plays the role of a trustee rather than the owner.
As for the transfer of the PF in the previous employer's account to the Current employer's account, you need to submit FORM No. 13 (Revised) through your present Employer, to get proceeds of your previous PF Accounts transferred to your current PF Account.
FORM 13 is used for transferring the Provident Fund account of a member from one establishment to another establishment covered under the act / scheme. You can have a copy of Form 13 at the following link:
http://epfindia.com <link updated to site home>
From India, Chandigarh
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PF Information.doc
PF - AADHAR - INFORMATION.pdf