old-age pension

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old-age pension:

see pensionpension,
periodic payments to one who has retired from work because of age or disability. Pensions, originally thought of as charity, are now viewed as an essential part of the social responsibility of employers or of the state.
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; social securitysocial security,
government program designed to provide for the basic economic security and welfare of individuals and their dependents. The programs classified under the term social security differ from one country to another, but all are the result of government legislation
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References in periodicals archive ?
The pension system covers 1.3 million people, of which 58.3 percent receive old-age pensions, 11.6 percent receive due to the loss of the breadwinner, 30.1 percent get disability pension.
The main reason for such rising old-age pension spending is population ageing and declining fertility rates that result in a larger ratio of retirees to workers.
You're almost at the age of eligibility for your retirement pension and your state old-age pension. This doesn't mean that you have to leave your job!
Hence when old-age pensions were introduced by the subsequent Liberal government of Richard Seddon there was little problem with financing them: they were paid for out of the surplus.
Others do not have enough NI contributions to qualify for an old-age pension. Hence the reason for pension credits.
Through various reforms in the past years (beginning in 1992, then mainly 2001, 2005 and 2007) the first pillar old-age pension system was adapted to these demographical changes.
Old-age pensions became low, unfair, and were not sufficient to protect the pensioners from falling into extreme poverty.
He added: "Ireland is under spending on old-age pensions, child benefits, sickness benefits, maternity leave, disability benefits and widows'' pensions.
Non-contributory old-age pensions were introduced (alongside protected employment) to reestablish a racial income hierarchy (Seekings 2007b).
A dozen papers from a March 2003 conference in Sapporo, Japan examine the aging of the population and its impact on old-age pensions in European, Asian, and North American countries, thus providing a comparative study of whether or not the demographic transition is affecting all countries in similar ways, whether it generates different pension politics in different countries, and if pension systems are reacting similarly or differently to the common challenge.
Within this framework, the institution of a mandatory public old-age pensions of a pay-as-you-go type unambiguously reduces capital accumulation.
Consequently, the scope of mother's pensions, pensions for the blind, and old-age pensions, that were introduced by the states, was severely curtailed despite the efforts of social reformers to extend these benefits on a universal rather than selective basis.