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Pension Systems By Country
Notable examples of pension systems by country Some of the listed systems might also be considered social insurance. * Argentina – ANSES, Administración Nacional de la Seguridad Social * Armenia – Pensions in Armenia * Australia: ** Superannuation in Australia – Private, and compulsory, individual retirement contribution system. ** Social Security (Australia), Social Security – Public pensions *Austria – Pensions in Austria * Canada: ** Canada Pension Plan ** Old Age Security ** Quebec Pension Plan ** Registered retirement savings plan ** Saskatchewan Pension Plan * Finland – Kansaneläkelaitos * France: ** Pensions in France ** Allocation de Solidarité aux Personnes Agées ** Pensions Reserve Fund (France) * Hong Kong: ** Mandatory Provident Fund (MPF Schemes) ** Occupational Retirement Schemes (ORSO Schemes) * India: ** Pensions in India ** National Pension System ** Employees' Provident Fund Organisation of India * Iranian Social Security Civil Servants Pension Fu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension System
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] |
Kansaneläkelaitos
Kela, abbr. from fi, Kansaneläkelaitos, sv, Folkpensionsanstalten (Fpa), en, The Social Insurance Institution (SII), is a Finland, Finnish government agency in charge of settling benefits under national Social security in Finland, social security programs. Kela was founded in 1937 to handle retirement pay. In the 1980s and 1990s, its role was expanded to handle other fields like child benefits, unemployment benefits, Health benefits (insurance), sickness benefits, health insurance and Student financial aid (Finland), student financial aid. Kela benefits are funded from three national insurance funds administered by national government: the national pension fund, the national health insurance fund, and the general social security fund. The tax authority (Vero) collects contributions to these funds from general taxation on income, charged to both employers and employees. Rates for 2021 are available on the Vero web site. Coverage under the schemes is given to all permanent resid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Saskatchewan Pension Plan
The Saskatchewan Pension Plan (SPP) is a voluntary defined contribution pension plan created by the Government of Saskatchewan. The SPP was created through The Saskatchewan Pension Plan Act . Oversight of the plan rests with the Saskatchewan Pension Plan Board of Trustees. The plan is also open to both residents (over the age of 18) of Saskatchewan and other provinces. Saskatchewan is the only province in Canada that operates a voluntary pension plan of this nature. The plan has assets of $700 million and over 32,000 members. The maximum annual individual contribution is $7,000, indexed annually according to the change in the Year's Maximum Pensionable Earnings. History Over the last several years, the amount of money that a person can contribute annually to the Saskatchewan Pension Plan has grown from $600, to $2,500, and now to $7,000. This means participants have the ability to save a substantial amount of money in a retirement plan which delivers a real pension is now possibl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quebec Pension Plan
The Canada Pension Plan (CPP; french: Régime de pensions du Canada) is a contributory, earnings-related social insurance program. It forms one of the two major components of Canada's public retirement income system, the other component being Old Age Security (OAS). Other parts of Canada's retirement system are private pensions, either employer-sponsored or from tax-deferred individual savings (known in Canada as a Registered Retirement Savings Plan). As of Jun 30, 2022, the CPP Investment Board manages over C$523 billion in investment assets for the Canada Pension Plan on behalf of 20 million Canadians. CPPIB is one of the world's biggest pension funds. Description The CPP mandates all employed Canadians who are 18 years of age and over to contribute a prescribed portion of their earnings income to a federally administered pension plan. The plan is administered by Employment and Social Development Canada on behalf of employees in all provinces and territories except Quebec, whic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pensions In Austria
The pensions system in Austria is composed of three parts: occupational pensions, private pensions, and state pensions. However, private and occupational pensions are secondary to the public pension issued through the state. According to the Organization for Economic Co-Operation and Development (OECD), Austria's pension system is categorized as ''targeted''. This means that their system is set up to preferentially benefit poorer pensioners than those that are better off. Public pension Austria introduced their uniform pension system through The Act on the Harmonisation of Austrian Pension Systems on January 1, 2005. This act provides a pension for anyone employed and under the age of 50. This uniform pension system is the reason why private and occupational pensions are second to the state pension. Austria's public (or state) pension system is a pay-as-you-go (PAYG) system. This system is funded by those currently working and employers too. Employees contribute 10.25% of their ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Security (Australia)
Social security, in Australia, refers to a system of social welfare payments provided by Australian Government to eligible Australian citizens, permanent residents, and limited international visitors. These payments are almost always administered by Centrelink, a program of Services Australia. In Australia, most payments are means tested. History Prior to 1900 in Australia, charitable assistance from benevolent societies, sometimes with financial contributions from the authorities, was the primary means of relief for people not able to support themselves. The 1890s economic depression and the rise of the trade unions and the Labor parties during this period led to a movement for welfare reform. In 1900, the states of New South Wales and Victoria enacted legislation introducing non-contributory pensions for those aged 65 and over. Queensland legislated a similar system in 1907 before the Australian labor Commonwealth government led by Andrew Fisher introduced a national aged p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pensions In Armenia
There are various types of Pensions in Armenia, including social pensions (granted to all individuals who reach the age of 63, both for laborers and not), mandatory funded pensions (a return on investment from mandatory funded pensions), or voluntary funded pensions (payments of supplementary pension collected over the years from income as well as insurance fees). Currently, Amundi-ACBA and act as the mandatory pension fund managers within Armenia. History Before the implementation of pension reforms, the pension security system of Armenia was characterized as a pay-as-you-earn tax based pension system. The system performed a distributive function; the payments were made by employees, employers and individual entrepreneurs to the state budget, of which the pensions payments were provided by the order defined by law. The pension amount in this system is calculated based on the basic pension amount, the number of years in service and the compensation amount for each ensured servi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ANSES
The National Social Security Administration ( es, Administración Nacional de la Seguridad Social; mostly known for its acronym ANSES) is a decentralized Argentine Government social insurance agency managed under the aegis of the Ministry of Health and Social Development. The agency is the principal administrator of social security and other social benefits in Argentina, including family and childhood subsidies, and unemployment insurance. Overview The majority of Argentina's public social programs, aside from those related to health and housing, are administered by ANSES. Around 95% of Argentine senior citizens (5.7 million) receive ANSES pensions, whose amount is adjusted semi-annually. Argentines in the labor force earning less than 5,200 pesos (us$350) monthly, are entitled to benefits upon marriage; pregnancy, birth, or adoption of a child; for maternity leave or prenatal care; and for a disability in a child or spouse, as well as to a modest unemployment insur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Insurance
Social insurance is a form of social welfare that provides insurance against economic risks. The insurance may be provided publicly or through the subsidizing of private insurance. In contrast to other forms of social assistance, individuals' claims are partly dependent on their contributions, which can be considered insurance premiums to create a common fund out of which the individuals are then paid benefits in the future. Types of social insurance include: * Public health insurance * Social Security * Public Unemployment Insurance * Public auto insurance * Universal parental leave Features * The contributions of individuals is nominal and never goes beyond what they can afford * the benefits, eligibility requirements and other aspects of the program are defined by statute; * explicit provision is made to account for the income and expenses (often through a trust fund); * it is funded by taxes or premiums paid by (or on behalf of) participants (but additional sources of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Provident Fund
The Central Provident Fund Board (CPFB), commonly known as the CPF Board or simply the Central Provident Fund (CPF), is a compulsory comprehensive savings and pension plan for working Singaporeans and permanent residents primarily to fund their retirement, healthcare, education and housing needs in Singapore. The CPF is an employment-based savings scheme with the help of employers and employees contributing a mandated amount to the fund for their benefits. It is administered by the Central Provident Fund Board, a statutory board operating under the Ministry of Manpower which is responsible for investing contributions. The Global Pension Index, an index that assesses retirement income systems, placed Singapore as the best within in Asia and 7th worldwide in 2020. CPF monies are used by the CPF Board to invest in the exclusive purchase of Government-issued Special Singapore Government Securities (SSGS), with the proceeds from these transactions going into the past reserves. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
