Pension

A regular payment made from one's employer after retirement, based on factors such as length of employment and earnings.

More Details

A pension is a regular payment that is made to an individual during their retirement years, typically in exchange for their previous service or contributions to an organization, such as a fire department. Pensions can be provided by employers, the government, or other organizations, and are usually paid on a monthly basis.

Example

Imagine that you have worked for a fire department for many years and are now ready to retire. You might be eligible to receive a pension as part of your retirement benefits. The amount of your pension may be based on your salary, your years of service, and other factors, and will be paid to you on a regular basis, such as monthly or quarterly. Pensions can provide a stable source of income during retirement, allowing you to live comfortably and maintain your standard of living.

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