Integrity

It is not what we eat but what we digest that makes us strong;
not what we gain but what we save that make us rich;
not what we read but what we remember that makes us learned;
and not what we profess but what we practice that gives us Integrity.

Provident Fund Act_Practicle Problems_14

What is nomination?

Every member has to give the details of himself & details of the nominee for Employees' Provident Fund & Employees' Deposit Linked Insurance Schemes and details of family for Employees Pension Scheme, 1995 in form no. 2. A member if, is having a family can nominate any one or more persons to receive the Provident Fund on his death. In case of him having no family he can nominate any other person. Family for the purpose of Employee Provident Fund Scheme'52 means wife/husband, children, whether married or unmarried, including adopted children, if adoption is recognized and dependant parents of member. Employees Deposit Linked Insurance Scheme benefit will be paid to the nominee under Employees Provident Fund Scheme, 1952. For the purpose of Employees Pension Scheme,1995 the member has to furnish the details, such as name, relationship & age of all the family members in the form no. 2. Family for the purpose of Employees Pension Scheme, 1995 means wife/husband & children. Whenever member wants to make a change in the nomination already made for Provident Fund, or to update the details of family for Employees Pension Scheme,1995, he has to send a revised form no. 2. The form no.2 is routed through the employer.

Provident Fund Act_Practicle Problems_13

Can member change his/her nomination? What if member has not nominated anyone.




He/She can change his/her nomination whenever he/she decides within the framework of rules for such nomination. In other words if he/she has a family, nomination should be in favour of a member(s) of the family. If he/she has no family he/she can nominate anyone he/she wishes.
The pension / ROC will be paid to the dependent parents.

Provident Fund Act_Practicle Problems_12

Suppose an employee does not have a Family and he/she dies before receiving benefit. Does his/her pension get lost?

No, if he/she does not have a family, benefits will be paid to his/her nominee, who will receive the benefit in his/her absence.

Provident Fund Act_Practicle Problems_11

What is meant by Family under the PF Act ?

Family means employees' spouse and children below 25 years of age.

Provident Fund Act_Practicle Problems_10

If employee is not a Family Pension Scheme member and he/she is 56 years of age, Can he/she join Family Pension?

Yes, by diverting from his/her Provident Fund balance, Family Pension Scheme contribution from date of his/her joining or 01-03-71, whichever is later.

Provident Fund Act_Practicle Problems_9

If employee is a Family Pension Scheme Member and he/she has retired after 58 years of age on 15-01-94. Can he/she join the new scheme?

Yes, anyone who has retired by reaching age 58 between 01-04-93 and 15-11-95 may join the scheme by returning the withdrawal benefit along with interest. He will be paid pension with immediate effect, from date of exit provided he has rendered 10 years of contributory service.