How Do You Spell NONCONTRIBUTORY PENSION SCHEME?

Pronunciation: [nˌɒnkəntɹˈɪbjuːtəɹˌi pˈɛnʃən skˈiːm] (IPA)

The noncontributory pension scheme, often spelled /ˌnɒnkənˈtrɪbjət(ə)ri ˈpɛnʃən skiːm/ is a type of retirement plan in which an employer bears the entire cost of the pension without requiring the employee to contribute. The spelling of the word "noncontributory" reflects its Latin roots, with the prefix "non" meaning "not," "contri" meaning "together with," and "butory" meaning "supplying." Thus, the overall meaning of this term is "not supplying together," indicating that the plan does not require joint financial contributions from the employee and employer.

NONCONTRIBUTORY PENSION SCHEME Meaning and Definition

1. A noncontributory pension scheme is a type of retirement plan in which the employees are not required to make any contributions towards their pension fund. It is an employer-funded pension scheme where the entire financial burden falls on the employer.

   In this scheme, the employer bears the responsibility of funding the pension plan and making regular contributions on behalf of the employees. The contributions are determined by a set formula or based on the employee's salary or years of service. The employees do not have to deduct any amount from their wages to be deposited into the pension plan.

   Noncontributory pension schemes are often offered as an employee benefit or a retirement package. They are usually provided by larger companies or organizations that have the financial resources to cover the entire cost of the pension plan.

   The primary advantage of a noncontributory pension scheme for employees is that they do not need to allocate a portion of their earnings towards the pension plan. Instead, their employer entirely funds their retirement savings. This scheme helps attract and retain employees by providing an additional financial incentive for their long-term commitment to the organization.

   However, it is essential for employees to understand the terms and conditions of a noncontributory pension scheme. Factors such as vesting periods, eligibility criteria, and payout amounts should be carefully examined to ensure a secure and satisfactory retirement plan.

Common Misspellings for NONCONTRIBUTORY PENSION SCHEME

• boncontributory pension scheme
• moncontributory pension scheme
• joncontributory pension scheme
• honcontributory pension scheme
• nincontributory pension scheme
• nkncontributory pension scheme
• nlncontributory pension scheme
• npncontributory pension scheme
• n0ncontributory pension scheme
• n9ncontributory pension scheme
• nobcontributory pension scheme
• nomcontributory pension scheme
• nojcontributory pension scheme
• nohcontributory pension scheme
• nonxontributory pension scheme
• nonvontributory pension scheme
• nonfontributory pension scheme
• nondontributory pension scheme
• noncintributory pension scheme
• nonckntributory pension scheme

Plural form of NONCONTRIBUTORY PENSION SCHEME is NONCONTRIBUTORY PENSION SCHEMES