RETIREMENT PENSION Meaning and
Definition
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A retirement pension refers to a financial benefit granted to individuals who have reached a certain age or who have completed a specified number of years in the workforce and have subsequently retired. It is a form of income or financial support provided by a government, employer, or private organization to replace the earnings lost due to retirement.
Typically, retirement pensions are designed to provide financial stability to retired individuals, allowing them to maintain a certain standard of living and meet their basic needs during their retirement years. The amount of the pension is generally based on factors such as the individual's years of service, average earnings, and the prevailing retirement age set by the governing entity.
These pensions are often paid on a regular basis, either monthly or annually, and are subject to regulations and rules established by the organization or government responsible for administering them. Retirement pensions can either be defined benefit plans, where the retiree receives a predetermined amount based on their salary and years of service, or defined contribution plans, where the amount is determined by the investment returns generated from the contributions made during the individual's working years.
Retirement pensions play a crucial role in promoting financial security for retired individuals, helping them maintain a comfortable lifestyle and ensuring that they are able to cover essential expenses such as housing, healthcare, and daily living costs.
Common Misspellings for RETIREMENT PENSION
- eetirement pension
- detirement pension
- fetirement pension
- tetirement pension
- 5etirement pension
- 4etirement pension
- rwtirement pension
- rstirement pension
- rdtirement pension
- rrtirement pension
- r4tirement pension
- r3tirement pension
- rerirement pension
- refirement pension
- regirement pension
- reyirement pension
- re6irement pension
- re5irement pension
- returement pension
Etymology of RETIREMENT PENSION
The etymology of the word "retirement pension" can be traced back to the following roots:
1. Retirement: The word "retirement" comes from the French word "retirer", meaning "to withdraw". In the 16th century, it referred to a state of seclusion or withdrawal from public life. Over time, it came to be associated with the act of leaving work and withdrawing from active employment.
2. Pension: The word "pension" is derived from the Latin term "pensio", which originally meant "pay", especially related to military service. It later evolved to refer to regular payments or allowances granted to individuals, typically after they retired from service or employment.
Thus, the term "retirement pension" combines the idea of withdrawing from active work or employment (retirement) with the regular payments granted after retirement (pension).
Similar spelling words for RETIREMENT PENSION
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