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 ?
728 billion was also allocated for Old-Age Pension, Survivors Pension, Invalidity Pension and Old-Age Grants to disburse it to 24,050 more beneficiaries.
EOBI has targeted to benefit 29,645 registered workers up to June 2016 for which an additional amount of Rs 7,540 mln was allocated for Old-Age Pension, Survivors Pension, Invalidity Pension and Old-Age Grants.
Pensions with incomplete work experience will be calculated and paid as a percentage based on the minimum old-age pension.
In Australia, by contrast, the introduction of compulsory occupational superannuation in 1992 has made the old-age pension a more residual category and will increase the gender gap in post-retirement income.
Many readers would like to be in the writer's position where the husband and wife have full old-age pensions and guaranteed occupational pensions on top.
The first decision (Case C-499/08) aimed to clarify the case of Ole Andersen, who was refused a severance allowance on the ground that he was entitled to draw old-age pension.
These tendencies inevitably affected the old-age pension system.
The immediate impetus to this justification was a legal challenge to the constitutionality of an aspect of the old-age pension system.
However, success is likely to depend on further curtailment of early retirement pathways which will otherwise blunt the improved financial incentives to work longer in the reformed old-age pension system.
Which was a lot better than the old-age pension of 1908 which was means-tested and amounted to only 5s - or pounds 15 in today's money.
The intuition behind this result is that when the young expect an old-age pension after retirement and at the same time pay an earmarked payroll tax that lowers disposable income, the ability and the incentive to save are reduced.
It is given as a one-off payment at 65 years, when the person becomes entitled to an old-age pension.