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Superannuation in Australia, or "super", is a savings system for workplace pensions in retirement.It involves money earned by an employee being placed into an investment fund to be made legally available to members upon retirement.
Basic pensions for mothers of four or more children from March 2019: Notional Defined Contributions ... Superannuation in Australia – Private, and compulsory, ...
Examples of universal pensions include New Zealand Superannuation [6] and the Basic Retirement Pension of Mauritius. [7] Most social pensions, though, are means-tested, such as Supplemental Security Income in the United States of America or the "older person's grant" in South Africa .
Rob Muldoon's Third National government abolished the Labour scheme the following year, and in 1977 set up a universal (not means-tested) scheme called National Superannuation that paid 80% of the average wage to married people over 60. [1] [12] National Superannuation was renamed New Zealand Superannuation in 1993. The age of eligibility ...
Total employment in the finance industry (thousands of people) since 1984. Participants in the financial system consist of commercial banks, investment banks, finance companies, building or cooperative societies, credit unions, friendly societies, non bank financial institutions (NBFI), superannuation and approved deposit funds, public unit trusts, cash management trusts, mortgage originators ...
An industry superannuation fund (or, simply, 'industry fund') are Australian superannuation funds that historically were established by Australian trade unions to manage retirement savings for workers in their industry. Funds other than industry funds are referred to as 'retail funds'.
In Singapore, a compulsory superannuation scheme was introduced in 1955. [5] Within Korea, voluntary health insurance was made available in 1963 and mandated in 1976. [5] Private insurance was only available to citizens employed by large corporate firms, while a separate insurance plans were provided to Civil Servants and military personnel. [5]
The early 1990s established the existing framework for state pensions in the Social Security Contributions and Benefits Act 1992 and Superannuation and other Funds (Validation) Act 1992. In 2002 the Pensions Commission was established as a cross-party body to review pensions in the United Kingdom.