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Definition

Pension

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
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