EPFO Pension Rules: The retirement age of an employee working in the private sector is 58 to 60 years. If you have worked in a private company even for 10 years, then you are entitled to pension. This pension is given to the employee after retirement
EPFO Pension Rules: The retirement age of an employee working in the private sector is 58 to 60 years. If you have worked in a private company even for 10 years, then you are entitled to pension. This pension is given to the employee after retirement. Now the biggest question comes in such a situation that if ever an employee dies after the age of 58 years, does his wife get the benefit of pension. Let’s know about it.
Benefits of pension
Many times a person dies suddenly due to being physically unwell. In such a situation, the amount received under EPF proves to be very beneficial for the family of the deceased.
Pension is available under EPFO
EPFO is responsible for giving pension to private employees. EPF is a type of provident fund, which works to empower the employee financially. The employee puts a fixed amount of his salary in the EPF fund every month. This amount is 12 per cent of the salary of the employee. In this, contribution is made from the side of the employee as well as the company. The company also contributes the same amount every month to the PF account. This fund is used for retirement.
When do you get pension?
The retirement age of the government is 58 years. Employees contribute money to the PF fund and a part is deposited in the EPS. When the age of the employee exceeds 58 years, he can withdraw money from this fund. Employees can withdraw money from the PF account in one go, while the amount deposited in the EPS account is given to the employee as pension.
When does the wife get pension?
If the employee dies after 58 years, then his wife gets the right of his pension. With this, the nominee gets the full amount. If the employee dies after retirement, his wife gets a part of the pension amount. If the employee dies before retirement, this amount is given as pension to the wife. In this, the smaller the difference between the death of the employee, the less the pension amount will be given. The pension amount for the widow has been fixed at Rs 1,000. This means that after the death of the employee, his widow wife will get Rs 1,000 as pension.
