Pension benefits are paid to individuals who have retired from active employment, in order to support themselves in the last years of their lives. Pension programs can be sponsored by governments or by individual employers; they can be based on pre-retirement years of service and wage levels, or paid on a universal per-person basis.

Webster Dictionary Meaning

1. Pension
- A payment; a tribute; something paid or given.
- A stated allowance to a person in consideration of past services; payment made to one retired from service, on account of age, disability, or other cause; especially, a regular stipend paid by a government to retired public officers, disabled soldiers, the families of soldiers killed in service, or to meritorious authors, or the like.
- A certain sum of money paid to a clergyman in lieu of tithes.
- A boarding house or boarding school in France, Belgium, Switzerland, etc.
2. Pension
- To grant a pension to; to pay a regular stipend to; in consideration of service already performed; -- sometimes followed by off; as, to pension off a servant.
Category: Economics
Share it:  Cite

More from this Section

  • Main refinancing operations
    Main refinancing operations is the weekly reverse transactions (purchase or sale of eligible ...
  • Distribution
    Distribution refers to 1. The arrangement of troops for any purpose, such as a battle, ...
  • Principal Curtailment
    The practice of allocating cash to lower the current due principal amount of the first ...
  • Tariff
    A tariff is a tax imposed on the purchase of imports. It is usually imposed in order to ...
  • Thrift institutions (thrifts)
    Thrift institutions (thrifts) is the savings and loan associations, mutual savings banks, ...