Entity: PENSION
A pension is a fixed sum of money paid regularly to a person, typically after retirement, by the government or a former employer. It serves as a form of financial support for individuals who are no longer working.
PENSION
Etymology
The word 'pension' originates from the Latin word 'pensio,' meaning payment.
Definition
A pension is a financial arrangement where a fixed sum of money is paid regularly to a person, usually after retirement, by the government or a former employer as a form of financial support.
Historical Context
Pensions have a long history, with early forms dating back to ancient Rome. In modern times, pensions have become a common benefit provided by governments and employers to ensure financial security in retirement.
Cultural Significance
Pensions play a crucial role in ensuring the well-being of retirees and their dependents. They provide a source of income after retirement, allowing individuals to maintain their standard of living.
Related Concepts
Other related concepts include old-age pension, retirement benefit, retirement fund, and superannuation.
See Also
A financial arrangement where a fixed sum of money is paid regularly to a person, usually after retirement, by the government or a former employer as a form of financial support.