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.