The new Act emerging from Tamil Nadu has made the written agreement mandatory to grant legal status for all...
Provident Fund (PF) is referred to the mandatory savings of an employee which is set aside as per the government rules. The employer too contributes the same amount every month to the employee’s PF account. When a PF holder passes away, his/her nominee is (may be more than one) entitled to the amount accumulated in his/her PF account.
To claim the deceased employee’s PF balance, the nominee is required to follow certain formalities, as a part of which an affidavit has to be made declaring that he/she is the nominee of the deceased employee and he/she has the right to claim the deceased’s PF amount.
The following factors should be included in the Affidavit to withdraw PF by a nominee:
The affidavit can be made by following these steps:
To make the affidavit valid, it should be drafted on Stamp Paper of recommended value and duly attested by an official who has the power to witness an oath, such as an Oaths Commissioner or a Notary Public.
An unmarried person can choose his/her mother, father or a sibling as nominee. One or more persons can be chosen as nominees. Subsequently, if the PF holder gets married, then the nomination can be changed any time.
You will have to make a Will in which you have to state that your nominee only should get your PF amount. If you don’t create a Will, then your legal heirs i.e, your wife or children can claim to get a share of your PF balance.
To withdraw PF, you have to fill and submit Form 19. For Pension Scheme Withdrawal, use Form 10C.
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