Austrian Pension Insurance is a social security system in Austria designed to provide financial support to individuals during retirement. It is primarily funded through contributions from employees and employers, ensuring that workers receive a pension based on their earnings and years of service. The system operates on a pay-as-you-go basis, meaning current workers' contributions fund the pensions of retirees. Austrian Pension Insurance also includes provisions for disability and survivor benefits, offering additional financial security to those unable to work or to families of deceased contributors.