Nominee & Nomination under Social Security Laws

Making of a nominee and nomination is very important in one’s life, whether one is employed or owns property or has bank deposits etc. Making nominee/nomination or writing a ‘will’ helps to decide as to who will receive the benefits from the assets of the person making it, after his demise. It is optional for a person to make or not a ‘will’, or to register or not his ‘will’. But in the case of employees under the social security laws, it is compulsory and mandatory to make his/her nominee/nomination as to who all, from the prescribed list of family members, will be beneficiaries of his/her social security benefits after his/her demise. It has become more relevant in the background of Covid-19 pandemic. In the context of employees in the industry, nominee/nomination is required to be made under the provisions of, viz., The Employees Provident Fund and Miscellaneous Provisions Act, 1952, The Employees State Insurance Act, 1948, The Payment of Gratuity Act, 1972 as well as under voluntary Insurance Policy...