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Nominee

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Nominee Category

 Nominee means in terms of an organization - A person who is nominated to receive the following
  1. ESI Dependents - Employee State Insurance
  2. PF Nominees - Provident Fund
  3. Gratuity Nominees
  4. General Nominees
These allocations are provided to the organization based on employee strength. And few Organization has made it a mandatory to provide these above allocations, but few other Employers has options on which category these can be catered, either they can go for ESI alone, or with PF and Gratuity.

ESI Dependents

The ESI is a type of Medi-claim policy provided through a company, which can be used in case of emergency for personal use or for a nominee the employee has nominated for the medical facility. This facility is clearly decided by the organization’s HR Policy. The nominee should preferably be the legal heir/s or a person in whom trust is reposed to ensure the fair distribution of claim to the real heir. The ESI nominee share is completely based on the decision of the employee. The amount that the employee spends can be reimbursed from the employee’s bank where the ESI option is linked. The ESI Dependents can be Spouse, Children’s, Dependents Family members, For the employee themselves. Note: In ESI, the “Percentage” of sharing is not preferable or can’t be predicted, because it depends upon the medical emergency the person is into.

Provident Fund Nominee:

A person having an EPF account can nominate one or more persons who can receive the PF amount that may stand to his credit in the provident fund account. The provident fund should be transferred to the beneficiary of the account holder in case the earlier is not in a position to receive the PF amount. A nominated person by the PF account holder can claim the provident fund balance in the event of the death of the PF account holder, before that amount becomes payable or, having become payable, which has not been paid. A person nominating more than one person is required to specify the amount or the share payable to each of the nominees in such manner as to cover the whole of the amount that may stand to his credit in the provident fund account. The ‘spouse,’ ‘legitimate children,’ ‘stepchildren,’ ‘deceased son’s widow,’ ‘deceased son's legitimate children,’ ‘deceased son's step-children’ and ‘dependent parents’ are considered as legal ‘family members’ while nominating a family member in EPF account. The provident fund account holder having a family can only nominate one or more persons belonging to the family. The above form can be used for EPF nomination too.

Gratuity Nominee

Every employee who has completed one year of service is required to make a nomination. There can be more than one nominee (which should be in Form F). Nominees may be changed at any time by the employee, by giving written notice to the employer (in Form H). If no nomination has been made, it shall be paid to the legal heirs of the deceased employee or if the heirs are minor, the share of such minor shall be deposited by the controlling authority with a bank till he attains the majority. The meaning of Family would be  – Spouse, children, dependent parents, and any legally adopted child. As said earlier the employee can decide about the percentage that can be shared.

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