Pension: Private sector employees deposit 12 percent of their salary in the PF fund. This amount is given to the employee after retirement. This amount is given to the employee as pension. If the husband dies after retirement, does the wife get the PF money? Let us know about it in detail in this article.
Pension Rules: The retirement age of an employee working in the private sector is 58 years. If you have worked in a private firm for even 10 years, you become entitled to pension. This pension is given to the employee after retirement. Now in such a situation, the biggest question that arises is that if 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 when he becomes physically unwell. In such a situation, the amount received under EPF provides a lot of help to 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 him financially. Every month the employee contributes a certain amount of his salary to the EPF fund. This amount is 12 percent of the basic salary of the employee. Contribution is also made by the company along with the employee.
The company also contributes the amount of the employee to the PF account every month. This fund is used to pay pension after 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 employee crosses 58 years of age, he can withdraw money from this fund. Employees can withdraw a lump sum from the PF account, whereas the funds deposited in the EPS account are given to the employee as pension.
When does the wife get her pension?
If the employee dies after 58 years, then his wife gets the right to his pension. With this the nominee gets the full amount. If the employee dies after retirement, then half of the pension amount goes to his wife. If the employee dies before retirement, then this amount is given to the wife as pension. In this, the greater the gap between the death of the employee, the less is the pension amount given.
The pension amount for widow has been fixed at Rs 1,000. This means that after the death of the employee, the widowed wife gets an amount of Rs 1,000 as pension.