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The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual; [2] the terminology varies between countries. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions.
This was an entitlement for government employees for their services rendered during the tenure which often lasted more than three decades. The amount received monthly as Superannuation Pension was derived from number of years served and 10-month average salary before the retirement. [4]
New Zealand Superannuation Fund: 27: Non-commodity Ireland [52] [53] Ireland Strategic Investment Fund / Future Ireland Fund: 25.2: Non-commodity Chile: Economic and Social Stabilization Fund / Pension Reserve Fund: 21: Copper Bahrain [54] Mumtalakat Holding Company: 18.6: Oil & Gas Timor-Leste [55] Timor-Leste Petroleum Fund: 17: Oil & Gas Canada
A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income. The U.S. Government's Social Security Trust Fund, which oversees $2.57 trillion in assets, is the world's largest public pension fund. Pension funds typically have large amounts of money to invest and are the ...
National Pension System; Abbreviation: NPS: Predecessor: Old Pension Scheme: Formation: January 1, 2004; 21 years ago (): Type: Pension cum investment scheme launched by Government of India
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 definition of fringe benefits that have become taxable has been significantly extended. The law provides an exact list of taxable items. Employer's provision of employee transportation to work or a cash allowances for this purpose. Employer's contributions to an approved retirement plan (called a superannuation fund).
Group life insurance (also known as wholesale life insurance or institutional life insurance) is term insurance covering a group of people, usually employees of a company, members of a union or association, or members of a pension or superannuation fund. Individual proof of insurability is not normally a consideration in its underwriting.