Retirement Benefits

Retirement benefits are financial rewards or income provided to employees after they complete their active service period, ensuring financial stability and security during retirement. These benefits are typically accumulated through regular contributions made by both the employee and employer during the individual’s working years. They may include pensions, gratuity, provident funds, annuities, or other post-retirement savings plans designed to support the retiree’s living expenses. Example: An employee contributing to the Employees’ Provident Fund (EPF) throughout their career receives a lump sum and/or monthly pension after retirement, ensuring a steady income stream in their non-working years.