Did you start raising your pension fund?

[vest1992]

I know that during your employee's employment years you are paying into this fund, though if you don t work with a contract you won t be able to pay monthly for your fund, I got to know this because I have been working for almost a year as an electrician after I finished my highschool without a contract and I didn t add anything for that period on my pension fund.

 

[Niftyyem]

Every organisation you work for be it public or private should give room for your pension contribution. However, I have noticed that those employed through third parties are no entitled to this sometimes.

 

[Alexandoy]

In the Philippines it is mandated by law for a worker to make contributions to the SSS (social security system) for private company workers and GSIS (government service insurance system) for government workers. The pension becomes valid after 10 years or 120 months of build up. Of course, you need to be 60 years old to avail of it. The contribution of the worker is matched by the employer as an added benefit. But only companies with 10 or more workers are required by law to enroll their workers with the SSS.

 

[Nurudeen]

This depends on the countrys law guiding the use of pension fund. For example its only mandated for the public officials only to pay part of their monthly salary into a pension fund scheme regulated by the government. The government doesn't care about other sectors of the economy like private sector or those who are self employed.

 

[Sariana23]

In my case, many years ago I began to contribute, since I work in a government Ministry. But if I consider that people who have not done so so far, should think about the future and their pension, they should invest monthly or according to their possibilities or comforts. It can be through the bank or an insurance company.

 

[Zanekhan]

I know that during your employee's employment years you are paying into this fund, though if you don t work with a contract you won t be able to pay monthly for your fund, I got to know this because I have been working for almost a year as an electrician after I finished my highschool without a contract and I didn t add anything for that period on my pension fund.

As per my knowledge in public sector as well some good renowned private organizations have separate account of pension for their employees. On monthly basis they cut some amount from heir salary and add them in that pension fund account.

 

[Lagazine]

Saving for the retirement period is a great idea. A lot of people believe it's too early to start savings for the pension, but I can't be of support for that as time doesn't wait for anyone. One can start at this period of time.

 

[Damismiling]

Having in mind how to cope and survive after retirement is of great importance, you must save ahead and keep some for your pension, you must have a meaningful saving plans ahead of your retirement period

 

[Ojonuyo]

Having in mind how to cope and survive after retirement is of great importance, you must save ahead and keep some for your pension, you must have a meaningful saving plans ahead of your retirement period

You are right, and I feel saving while working is indeed the best way to survive and live even after retirement. Most government workers just depend on their pension and live with a make believe that they do not need to safe while working and that their pension will cover up for them. Well, that's a wrong plan and should be avoided.

 

[Samuel77]

In my own point of view, pension can be made as an agreement with the company or the organization you are working with, and the pension fund will be deducted for my salary every month, but if you do not accept the agreement you salary will be paid to you complete and you will not be pensioned after your retirement

 

[Sincerem]

Every country has its own system how pension savings work. For my country those that raise funds for pensions are the government workers/ private liability companies, or lucrative business initiative etc. Apart from those kind of firm I don't think any other skilled individual pays for such.

 

[Richard92]

This is a question for those who are working either under the government (public service) or private organization who affiliated to pension scheme, they are the only people who are entitled to pension. I only run my business (entrepreneur) I am not entitled to any pension at the end of any service.

 

[Erik4150]

If you are working for any government or private institution, there is a contributory pension system where 8% of your monthly salary is saved. If you stop working at the institution you won't be getting salary hence the monthly contributory pension will stop. That is how it works in most countries.

 

[Eodine]

I recently started working and was not even told about pension until an old friend told me of his "old age" contribution so I had to go back to ask, it was then I was told about the pension structure. Ignorance really is not an excuse.

 

[Donkiz]

If you are self employed or you are working for an organization that doesn't have pension plan, you can open a pension account for yourself and set out some amount of money from your salary/earning every month and pay it into the account.

But if you are a government worker or you are working with an organization that has pension plan for their workers, you don't need to worry yourself, because your employer will take care of that for you.

 

[Josemendez]

I know that during your employee's employment years you are paying into this fund, though if you don t work with a contract you won t be able to pay monthly for your fund, I got to know this because I have been working for almost a year as an electrician after I finished my highschool without a contract and I didn t add anything for that period on my pension fund.

I think people don't really understand what pension is . There is no way you add to you pension , you should say savings than pension. Pension is money paid to retiree in monthly intervals. You don't mix it up with savings.
Outside that , you need to make your post informative .

 

[Kamon c4]

It’s not easy to make contributions into your pension account for a private organization worker or self employed individual. The government makes deductions from public and civil servant monthly income which makes it very easy for them

 

[Ridorz]

I'm being thinking that Pension do not need to raise by workers/civil servant, it supposed to pay by government. I think so Because of my understanding about a Pension. My understanding it is that pension is a official money that government pay for a retiree after retire from a service

 

[Mawome]

Yes one has to start raising his pension fund, little by little it will acumulat, then the state government too will equally add their own part of the money, cos gratuity does not only come from the staff, Government too has to put in their own to help raise the money before paying it as a pension.

 

[Bart Simpson]

In our country it is mandated by law for a worker to make contributions to the SSS (social security system) for private company workers and GSIS (government service insurance system) for government workers. The pension becomes valid after 10 years or 120 months of build up. Of course, you need to be 60 years old to avail of it. The contribution of the worker is matched by the employer as an added benefit. But only companies with 10 or more workers are required by law to enroll their workers with the SSS.