Old-age pension

“The old-age benefit in most countries is a wage-related, periodic payment. However, some countries pay a universal fixed amount that bears no relationship to prior earnings; others supplement their universal pension with an earnings-related pension. Provident fund systems make a lump-sum payment, usually a refund of employer and employee contributions plus accrued interest.” In general, eligibility for this kind of pension is based on an established minimum age threshold. ISSA (n.d.) ‘Old age...