New Delhi: The retirement age of an employee working in the private sector is 58 years. If you have worked in a private firm even for 10 years, then you are entitled to pension. This pension is given to the employee after retirement. Now in such a situation, the biggest question comes that if ever an employee dies after the age of 58 years, does his wife get the benefit of pension. Let us know about it in detail.
Many times a person dies suddenly after becoming 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 is given to the employee to empower them financially. The employee puts a fixed amount of his salary in the EPF fund every month. This amount is 12 percent of the employee’s salary. Contribution is also made by the company along with the employee.
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 government has fixed the retirement age at 58 years. A part of the amount contributed by the employee is deposited in the PF fund and a part in the EPS. When the age of the employee crosses 58 years, then he can withdraw money from this fund. Employees can withdraw lump sum money from PF account, whereas the funds deposited in EPS account are given to the employee as pension.
When does 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, then his wife gets a part of the pension amount. If the employee dies before retirement, then this amount is given as pension to the wife. In this, the less the difference between the death of the employee, the less the pension amount is given.
The pension amount for the widow has been fixed at Rs 1,000. This means that after the death of the employee, the widow’s wife gets an amount of Rs 1,000 as pension.
