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A Brief Discussion On Pension & Its Schemes
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Pension is a type of financial plan that becomes active once a person enters into the retirement age. In most of the cases, a person when reaches his/her retirement age leaves the service/job. In India, the retirement age is 60 in government organizations. As soon a government official reaches 60 years of age, he/she needs to do away with the proceedings and face retirement.
After all, it is time to take rest from work and pave the way for young generation. However, the relationship with the work organization never ends even after leaving the job. Due to many years of effective service, the retired employee is provided with a salary every month. However, this is provided for free to that particular retired employee. The retired personal need not have to perform any duty or hard work to earn the monthly salaries.
However, these monthly payments are not known as salaries. For retired individuals, these monthly payments are commonly referred as pensions. This amount is lesser than the actual salary, which the retired personal used to receive during his/her employment days.
Pensions are mostly of two types. While one type offers for monthly payments (installment), another type is purely on a onetime payment basis (severance).
Claiming for early pension is much prevalent these days. This means a person is seeking for the pension amount prior to his/her actual retirement age. But, there is also a certain age group, below which the early pension cannot be claimed for.
But, keep in mind; pension release will take place only after the employee provides suitable reasons. Also, a certain potion from the total pension amount will be provided. No one will get the entire pension amount while filing for an early pension release.
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