To save in pension scheme account.

[Ganibade]

Pension scheme account are the organisation that are helping retirees to save money why on service under government companies or private companies. This is very important in the Life time of the retirees to meet benefits when retire and to have happy life when they retire from company. In my country we have like 3 to 4 pension schemes, that the workers can save their money. This will help the retirees to select which pension scheme is going to be used. This pension scheme account rules and regulation are not the same. You can select which one you are satisfied with their rules and regulation,so that in the future you will not have problem with them. In some pension scheme you can not collect your money when you are 50 years of age, while some are collecting immediately you are 50 years of age. Some pension scheme after 50 years of age,they will still give you 4% of your saving. While some are giving you more than 4% of your saving first and be given some money every month. This is very attractive for anybody that saves for some years while in government or private company.

 

[Kendy]

This is a well detailed thread analysis. In my Country too, we have various pension schemes and some are operated majorly by financial institutions. A pension scheme account is direct towards people that have a source of livelihood either in private, public or their personal businesses. In public organizations, prior to this time the non-contributory pension scheme was devised by only the government where the individual workers did not have to contribute a penny towards their retirement process but as authorities kept changing, the constitution was reviewed and we are now operating on a contributory pension scheme where both the government and the potential individual retirees contribute towards their retirement process. There is no two way about this, because it is quite a logical idea because during the retirement age in civil service, which is mostly stipulated at 35years but in some cases, a compensation of 5 more years is usually added, it would be surprising that some workers do not save nor have an investment but they solely depend on the pension and gratuity benefits.

The pension scheme has been a lot helpful to the retirees because the money would be disbursed after their years of active civil service. The pension scheme is mostly favourable for those in pubic organization because most private organisations do not think of the welfare of their workers.