Sunday, October 7, 2012

Pension Related Matters-Defenition and Meaning



Pension

Definition

1. (Government, Politics & Diplomacy) a regular payment made by the state to people over a certain age to enable them to subsist without having to work
2. (Government, Politics & Diplomacy) a regular payment made by an employer to former employees after they retire
3. (Government, Politics & Diplomacy) a regular payment made to a retired person as the result of his or her contributions to a personal pension scheme
4. (Government, Politics & Diplomacy) any regular payment made on charitable grounds, by way of patronage, or in recognition of merit, service, etc. a pension paid to a disabled soldier
Meaning

Post-retirement benefits that an employee might receive from some employers. A pension is essentially compensation received by the employee after he/she has retired.

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