How to build up a government pension plan for the unemployed

Alexandoy

VIP Contributor
The social security system here has a program for the pension build up of the unemployed. It is actually called self-employed. The scheme of the monthly premium for the employee is shared by the employee and the employer equally. For the self-employed he has to pay 100% of the premium because he has no employer. But at the end of the term (at least 10 years of contribution) the amount of monthly pension is equivalent to the pension of the employees.

It is a good pension program for the benefit of the unemployed. However, most of the unemployed and self-employed here like vendors and drivers do not avail the program. They think the monthly premium is a big expense. When they retire that will be the time that they will regret their negligence.
 

btaliat

VIP Contributor
I don't get your argument. Is it the scheme for self employed or the unemployed. If it is self employed, just like you said, they will fund all the premium themselves without the help of anybody since they don't work for anybody. And for the unemployed, except the government intervenes, I don't think securing insurance will be possible for them
 

kayode10

VIP Contributor
The only way the government can build a pension plan for unemployed is to get them engaged. In a sane country, you have to work before you do some basic things. The unemployed are liability to the countries economy. So the best thing for the government to do is to create an enabling environment for them to work then plan pension schemes suit there salary or wages.
 

btaliat

VIP Contributor
The only way the government can build a pension plan for unemployed is to get them engaged. In a sane country, you have to work before you do some basic things. The unemployed are liability to the countries economy. So the best thing for the government to do is to create an enabling environment for them to work then plan pension schemes suit there salary or wages.
You are very right. I know a country that will even borrow his citizens money to set up themselves. This country frowns at unemployment. And the fact is that most countries don't know that the more people that work in a country, the more the economic growth of the country. Hence, countries should take serious employment serious.
 

Mika

VIP Contributor
In our home country, all government employees who work for 20 years are entitled to a retirement plan. They will receive a certain percentage of their salary when they retire for their entire life. The government also provides social security funds to those who don't receive retirement funds from the government.
 
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