Friday , April 19 2024

When does the wife get pension after the husband, know the rules of EPFO..

The retirement age of an employee working in the private sector is 58 years. If you have worked in a private company for even 10 years then 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.

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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 empower the employee financially. Every month the employee contributes a fixed amount of his salary to the EPF fund. This amount is 12 percent of the employee's basic salary. In this, contribution is made by the employee as well as the company.
The company also contributes money to the employee's PF account every month. This fund is used to give 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 turns 58 years of age, he can withdraw money from this fund. Employees can withdraw a lump sum amount from the PF account, while the amount deposited in the EPS account is given to the employee as pension.

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When does the wife get pension?
If the employee dies after 58 years, his wife gets the right to his pension. With this the nominee gets the full amount. If the employee dies after retirement, his wife gets half the pension amount. If the employee dies before retirement, this amount is given to the wife as pension. In this, the greater the gap between the death of the employee, the less will be the pension amount given.

The pension amount for widows has been fixed at Rs 1,000. This means that after the death of the employee, his widowed wife gets an amount of Rs 1,000 as pension.