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Superannuation
A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a " defined benefit plan", where a fixed sum is paid regularly to a person, or a " defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement. The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called ''retirement pla ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Superannuation In Australia
In Australia, superannuation, or just super, is the term for retirement pension benefit funds. Employers make compulsory contributions into these funds on behalf of their employees. Superannuation is compulsory for all employed people working and residing in Australia. The total balance of a person's superannuation is then used to provide an income stream upon reaching retirement. Federal law dictates minimum amounts that employers must contribute to the super accounts of their employees, on top of standard wages or salaries. Most employees have their super contributed to large funds - either industry funds (not-for-profit mutual funds, managed by boards composed of industry stakeholders), or retail funds (for-profit commercial funds, principally managed by financial institutions). However, some Australians can have their super deposited into self-managed superannuation funds. The Australian Government outlines a set percentage of employee income that should be paid into a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Pension
A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a " defined benefit plan", where a fixed sum is paid regularly to a person, or a " defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement. The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called ''retirement pla ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
401(k)
In the United States, a 401(k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401(k) of the U.S. Internal Revenue Code. Periodical employee contributions come directly out of their paychecks, and may be matched by the employer. This legal option is what makes 401(k) plans attractive to employees, and many employers offer this option to their (full-time) workers. There are two types: traditional and Roth 401(k). For Roth accounts, contributions and withdrawals have no impact on income tax. For traditional accounts, contributions may be deducted from taxable income and withdrawals are added to taxable income. There are limits to contributions, rules governing withdrawals and possible penalties. The benefit of the Roth account is from tax-free capital gains. The net benefit of the traditional account is the sum of (1) a possible bonus (or penalty) from withdrawals at tax rates lower (or higher) than at contribu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Retirement
Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload. Many people choose to retire when they are elderly or incapable of doing their job due to health reasons. People may also retire when they are eligible for private or public pension benefits, although some are forced to retire when bodily conditions no longer allow the person to work any longer (by illness or accident) or as a result of legislation concerning their positions. In most countries, the idea of retirement is of recent origin, being introduced during the late-nineteenth and early-twentieth centuries. Previously, low life expectancy, lack of social security and the absence of pension arrangements meant that most workers continued to work until their death. Germany was the first country to introduce retirement benefits in 1889. Nowadays, most developed countries have systems to provide pensions on retirement ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Latin
Latin (, or , ) is a classical language belonging to the Italic branch of the Indo-European languages. Latin was originally a dialect spoken in the lower Tiber area (then known as Latium) around present-day Rome, but through the power of the Roman Republic it became the dominant language in the Italian region and subsequently throughout the Roman Empire. Even after the fall of Western Rome, Latin remained the common language of international communication, science, scholarship and academia in Europe until well into the 18th century, when other regional vernaculars (including its own descendants, the Romance languages) supplanted it in common academic and political usage, and it eventually became a dead language in the modern linguistic definition. Latin is a highly inflected language, with three distinct genders (masculine, feminine, and neuter), six or seven noun cases (nominative, accusative, genitive, dative, ablative, and vocative), five declensions, four verb conjug ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South Africa
South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. It is bounded to the south by of coastline that stretch along the Atlantic Ocean, South Atlantic and Indian Oceans; to the north by the neighbouring countries of Namibia, Botswana, and Zimbabwe; and to the east and northeast by Mozambique and Eswatini. It also completely Enclave and exclave, enclaves the country Lesotho. It is the southernmost country on the mainland of the Old World, and the List of countries and dependencies by population, second-most populous country located entirely south of the equator, after Tanzania. South Africa is a biodiversity hotspot, with unique biomes, plant and animal life. With over Demographics of South Africa, 60 million people, the country is the world's List of countries and dependencies by population, 24th-most populous nation and covers an area of . South Africa has three capital cities, with the executive, judicial and le ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supplemental Security Income
Supplemental Security Income (SSI) is a means-tested program that provides cash payments to disabled children, disabled adults, and individuals aged 65 or older who are citizens or nationals of the United States. SSI was created by the Social Security Amendments of 1972 and is incorporated in Title 16 of the Social Security Act. The program is administered by the Social Security Administration (SSA) and began operations in 1974. Individuals or their helpers may start the application for SSI benefits by completing a short form on SSA's website. SSA staff will schedule an appointment for the individual or helper within 1–2 weeks and complete the process. SSI was created to replace federal-state adult assistance programs that served the same purpose, but were administered by the state agencies and received criticism for lacking consistent eligibility criteria. The restructuring of these programs was intended to standardize the eligibility requirements and level of benefits. Al ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mauritius
Mauritius ( ; french: Maurice, link=no ; mfe, label= Mauritian Creole, Moris ), officially the Republic of Mauritius, is an island nation in the Indian Ocean about off the southeast coast of the African continent, east of Madagascar. It includes the main island (also called Mauritius), as well as Rodrigues, Agaléga and St. Brandon. The islands of Mauritius and Rodrigues, along with nearby Réunion (a French overseas department), are part of the Mascarene Islands. The main island of Mauritius, where most of the population is concentrated, hosts the capital and largest city, Port Louis. The country spans and has an exclusive economic zone covering . Arab sailors were the first to discover the uninhabited island, around 975, and they called it ''Dina Arobi''. The earliest discovery was in 1507 by Portuguese sailors, who otherwise took little interest in the islands. The Dutch took possession in 1598, establishing a succession of short-lived settlements over a peri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Pension
A social pension (or non-contributory pension) is a stream of payments from state to an individual that starts when someone retires and continues in payment until death. It is a part of a pension system of most developed countries, specifically the so-called zero or first pillar of the pension system, which is a part of state social security system. The social pension is different from other types of pension since its eligibility criteria do not require former contributions of an individual, but citizenship or residency and age or other criteria set by government. History The need for a social pension comes from the times of industrial revolution, when the new economic system boosted the mobility of workers, but loosened ties between family members, whose solidarity was protecting people from personal economic deprivation. This, along with impractical voluntary thrift and insurance, resulted in many workers retiring without any source of income. The first step in forming cash tra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Security (United States)
In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration (SSA). The original Social Security Act was enacted in 1935,Social Security Act of 1935 and the current version of the Act, as amended, 2 USC 7 encompasses several social welfare and social insurance programs. The average monthly Social Security benefit for August 2022 was $1,547. The total cost of the Social Security program for the year 2021 was $1.145 trillion or about 5 percent of U.S. GDP. Social Security is funded primarily through payroll taxes called Federal Insurance Contributions Act tax (FICA) or Self Employed Contributions Act Tax (SECA). Wage and salary earnings in covered employment, up to an amount specifically determined by law (see tax rate table below), are subject to the Social Security payroll tax. Wage and salary earnings above this amount are not taxed. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Insurance
National Insurance (NI) is a fundamental component of the welfare state in the United Kingdom. It acts as a form of social security, since payment of NI contributions establishes entitlement to certain state benefits for workers and their families. Introduced by the National Insurance Act 1911 and expanded by the Labour government in 1948, the system has been subjected to numerous amendments in succeeding years. Initially, it was a contributory form of insurance against illness and unemployment, and eventually provided retirement pensions and other benefits. Currently, workers pay contributions from the age of 16 years, until the age they become eligible for the State pension. Contributions are due from employed people earning at or above a threshold called the Lower Earnings Limit, the value of which is reviewed each year. Self-employed people contribute partly through a fixed weekly or monthly payment and partly on a percentage of net profits above a threshold, which is re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commission On Veterans' Pensions
The U.S. President’s Commission on Veterans’ Pensions, commonly known as the Bradley Commission after its chairman General Omar N. Bradley The American Presidency Project was established by on January 14, 1955, and concluded its business after submitting its final report to President Dwight D. Eisenhower in April 1956. Most of the work of the Commission was done by its staff under the direction of the Executive Director, Major General Ernest M. Brannon, and the Technical Adviser, Michael March. The Commission was charged with studying different types of benefits which had been granted to veterans. These included financial benefits such as pensions; educational benefits such as vocat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
