Pension Benefits
Pension benefits are regular payments made to individuals after they retire, providing financial support during their retirement years. These benefits are typically funded by employers, employees, or both, and are designed to help maintain a person's standard of living once they stop working.
There are different types of pension plans, such as defined benefit plans, which guarantee a specific payout, and defined contribution plans, where the payout depends on investment performance. Eligibility for pension benefits often requires a certain number of years of service or reaching a specific age, ensuring that individuals receive support when they need it most.