Pension Money

[favour67]

I use to wonder how pension money is generated and calculated, i see people been paid huge money for there services after there years in services, anyone with idea of how pension money are generated and calculated and how long does it takes to receive pension after service because in Nigeria though depending on the organisation some employers pay there employees 5 years after services while some don't even receive there payment until death and i wonder what is the reason for this because i believe once you complete your terms in services your pension or gratuity should be handed over to you in the space of month so that you can plan your life after retirement.

 

[Rais Salman]

In our country, pension money is received quickly. No wonder it takes time. Pension money is consumed in your country so it is very difficult for you to get it. After retirement, they sometimes waste two pension money. They don't do business to get further benefits. If you get a pension despite a retirement and you are a government employee, you should do business with pension money.

 

[Alexandoy]

The pension here is provided by the government - that is the monthly pension given to retired workers who are at least 60 years old and has worked for 10 years with a contribution to the social security system which is the arm of the government. Big corporations here have a separation pay program that gives 1 month of salary for every year of service that is 10 years or more and 2 months of salary for every year of service that is 20 years or more. For example if you are earning 100,000 a month and you retire after 20 years of service then you get 40 months of your salary for your retirement pay.

 

[Josemendez]

Well , since you are from Nigeria , I will give you answers based on the fact that you are from there .

There are government Institutions and Private Institutions as well , the government sector mostly pay pension to their employees after their retirement ,and few of the private sector pays their employees too.

To the best of my knowledge from my mum's pension. If you were earning $500 when you were still in service , then you will be earning around $400 as pension .

There is no fixed pension for anyone ,thus each pension deals more with the previous salary, unless for people on the same grade level

 

[Donkiz]

For government workers, you become a pensioner after retirement from active service which is either you have worked for 35 years or you have reached the retirement age of 65 years. The amount you are paid as pension depends on your salary grade level before you retire and under normal circumstances takes only few months before you start receiving your pension.

 

[Samuel72]

Pension money is an amount of money being deducted from your salary every month so after service this money will be paid to you as pension. your pension payment is 50% of the normal amount of money being paid to you when you are still on service. But some people registered their pension fund with a different company, this type of pension fund is based on agreements

 

[Chibson]

The money is gotten from the workers' salaries. Workers are not paid their full salaries, some percentage of their salary I have been saved for them by the government for their retirement. I think this is not verified but I had someone talk about it some time ago. But it may be true though, it depends from country to country.