EPFO still considers parents as family even if not financially dependent, you can still nominate them. Dependency is not strictly enforced in nomination.
You can later update the nomination after marriage to include your spouse or children.
If no valid nominee is registered and the employee passes away, legal heirs (as per succession laws) must claim the EPF amount. This process is lengthy and involves legal shinennigans. Employer can’t release EPF without EPFO approval.