What is Social Protection?

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.” 

Source: International Social Security Association. n.d. "The emergence of a long-life society". ISSA. <https://www.issa.int/en/topics/old-age-survivors/introduction>. Accessed 17 April 2020.