How does pension fund work in your country

[Erik4150]

In my country Nigeria, employers contribute 10% of their salary and employees contribute 8% of their salary. This is called defined contribution scheme and start receiving funds when they retire...

How does pension fund work in your own country?

 

[Sariana23]

In my country it varies from 1 to 10% of the employee's contribution and the same percentage of the company. Usually it goes hand in hand with government information, which can lower the percentage or raise it, but never more than 10% in both cases. Private companies must abide by the law and accept the changes.

 

[Nosheen Rakhshandha]

In my country pension is mostly used in household work these pension belong to old people mostly so they are not that much active to.do bussiness activity so spent most of.tje money on groceries and Bill's.

 

[Alexandoy]

In the Philippines there is also a certain percentage of the salary that the worker has to contribute for his social security benefit which culminates in the pension. It used to be 500 pesos a month as a maximum contribution which is around $10 and the employer also has to contribute the same amount. That applies to the government and private company workers. Right now the highest pension is a monthly 10,000 pesos or $200 starting at age 60. But if you are still working by that age you cannot receive your pension yet but it will grow some more with your contribution.

 

[Kayzzy3]

In my country Nigeria, employers contribute 10% of their salary and employees contribute 8% of their salary. This is called defined contribution scheme and start receiving funds when they retire...

How does pension fund work in your own country?

The contributory pension scheme is used in my country, it has been used for many years now, for government deduct the percentage earmarked for pension and transfers such to the pension management companies which are monitored by the government pension management board.

This contribution are meant tonbe invested to yeild profit while it waits for the time the workers retires.

 

[btaliat]

It is automatic for government workers in my country except the worker was sacked. But if it is private sector especially the ones that have government approval, they register their workers with some pension company for their pension scheme.

 

[gammarays]

In my country Nigeria, employers contribute 10% of their salary and employees contribute 8% of their salary. This is called defined contribution scheme and start receiving funds when they retire...

How does pension fund work in your own country?

You're very correct. Most companies are enforced to abide by the pension act so they also mandate the employees to do likewise. Employees can also choose to deposit any amount or part of their salary to their pension account just that you can't access it till you retire.
The pension institutions add interests on the fund and secure it till the retirement year. Some generous institutions and government ministries also add ×10 of their yearly income as retirement benefit once they retire. Others pay them monthly stipends as gratuity.

 

[Kamon c4]

Pension program for civil servants in my country is set out by the government. Deductions are made from the each months salary during the worker’s years of service. 7% of salary is removed as deductions on their salaries. This money is saved in pension account. So When a worker retires, the government divides the total amount by two and named bonds. The first bond is paid in full and the other bond is divided by 20years and the amount is paid each month

 

[Nurudeen]

I'm from Nigeria but pension fund I mostly deducted from salary of government officials every month but I'm not really sure if that is been done to those in the private sector. And aside that, an individual can open a pension account with a private firm and start saving up some percentage at the end of the month till he leaves his place of work.

 

[GIFTMICHAEL]

In my country Nigeria, employers contribute 10% of their salary and employees contribute 8% of their salary. This is called defined contribution scheme and start receiving funds when they retire...

How does pension fund work in your own country?

This is how it is done in my country.
This is done through contributory scheme per months until when they will be retired from service.

They collect 10 percent of their money to save for them through pension fund administration. PFA.

As soon they retired they pay them there gratuities and spread the rest as month take away home.

 

[Adebayonle7]

In my country Nigeria where most things do not work the way they should or even work at all, pension works for those who have been well rooted or connected in their industries or companies or places of work they're retiring from. If not any of those, the individual will die begging those in authority to make it possible just to even receive what they deserve. Only those who also knows someone that knows someone who can help them get it done.

 

[Sincerem]

Pension funds are alone for those civil servants that has bowed out service, or some big company workers that their company place on pension scheme, inorder reward their stewardship. Other than that, it doesn't work for other private workers, not all workers that is enrolled into pension scheme.

 

[kayode10]

From this i have seen so far, pension scheme is not working in my country. Those the money is being deducted from people's salary yet the will still be own pesion by the government agency. Those at the helms of affair of that agency sometime abscond with the huge fund in which only few amount could be recover from them. And these will leave lots of pensioners hopeless as they will owe for several months if not years.

 

[Afoskalex]

In Nigeria, employers deduct some percentage from the employee and save with pension managers, it is called contributory pension. After the employee retires, he will be giving the money contributed as gratuity. It was President Obasanjo who introduced the contributory pension.

 

[Goodday]

Where I currently reside, all workers are expected to be retiring at age sixty. Most private organizations also don't give pension pay because they always assume they paid you enough when you were working. But for those who have worked in the public sector, they receive their pay in proportion of the value they were reserving from their salaries.

 

[Erik4150]

In my country Nigeria where most things do not work the way they should or even work at all, pension works for those who have been well rooted or connected in their industries or companies or places of work they're retiring from. If not any of those, the individual will die begging those in authority to make it possible just to even receive what they deserve. Only those who also knows someone that knows someone who can help them get it done.

Sadly this is the case in most developing countries where corruption and mismanagement of public funds is the order of the day. That is why private pension schemes are much better but sadly only a few people can afford it.

 

[Sincerem]

From this i have seen so far, pension scheme is not working in my country. Those the money is being deducted from people's salary yet the will still be own pesion by the government agency. Those at the helms of affair of that agency sometime abscond with the huge fund in which only few amount could be recover from them. And these will leave lots of pensioners hopeless as they will owe for several months if not years.

That is bad government, your country is my country, their is nothing moving around it. Pension is delayed many years deducted unnecessarily from government. The system is corrupt, it is not going well here, but I pray that let their be change someday.

 

[Mrs. Rizwan]

In my country Nigeria, employers contribute 10% of their salary and employees contribute 8% of their salary. This is called defined contribution scheme and start receiving funds when they retire...

How does pension fund work in your own country?

People who work in government institutions in Pakistan are given pension after being retired at the age of 60. But before releasing it, some funds are taken from the workers every month in the days of the job. This happens in every government institution My father is retired from the army and he gets a pension, but he says that when he was doing his jib , he used to be funded every month, which is returned to him as a pension.

 

[Patrik]

Pretty simple, when you are still on duty and working, you get a percentage of your salary cut, you keep having that cut money accumulated month by month, and when you are out of service, you keep getting pension based on that cut money

 

[Samuel77]

In my country after thirty-five years work you will be paid gratuities and after you have be paid this gratuities, the company will now start pay you pension every month, in my country the pension rate is 50 percentage of your salary, and some are paid directly to your account and some are paid directly to you