How does pension fund work in your country

[chicnthin]

A certain percentage would be deducted from the employee's salary. The employer would also contribute for the employees account. For those who are self employed, they can pay contributions for themselves, for at least 10 years to be eligible to receive a pension.

 

[Taimoor Jutt]

Yes near about 10% deduction is happened in my coutry (Pakistan) Too in government Sector. So a government job holder can job upto 60 years old. But he can retire after 25 years service almost in every govt. field . So after retirement you will payed this deduction as pension.

 

[Irfan Aslam]

Pensions in Pakistan are provisions which are provided to retired employees. Because only the retired formal sector mostly benefits from pensions, most of the social schemes and retirement welfare system in the country cover a small proportion of the old-age population, whereas a significant proportion of the elderly population working in the informal sector remains largely unprotected by these social security schemes. There have been calls for devising and implementing reform in the pension sector of the country in a way where there is efficient deployment of resources and the eligible, yet economically disadvantaged portion of the retired population, is also entitled to receive and be endowed with this social security right.

 

[Richard92]

You must register to the pension scheme ether you are a public or a private worker, then after that it will be withdrawn form your salaries every month. Pension is payed after retirement from work and most times you must work for thirty five years before you apply retirement. Pension is conponsory for every worker.

 

[Ojonuyo]

Back at my country, pension are allocated mostly to government workers. This government worker would serve or work in any of the government firm or company for thirty-five years and them retire. I tell that while you retire keep your hope on something else and not on your pension, there can fail at any time.

 

[Henrywrites]

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?

I'm in Nigeria and I must say that this is a great way to save up for pension, but again, it is important to ask ourselves what use is this setup when pensioners struggle to get their pension when the time is right. Such should be worked on to make employees look forward to retiring in the future.

 

[Mawome]

In my country your pension is your money that the government decided to save for you so that when you retire you use it to sustain yourself, for example if you're salary in a month is 300k, the government will be deducting lets say 5k from your 300k saving it for your retirement day.

 

[Sanusi]

Actually its almost the same in my country, every month they remove some money from my account which is for pension till the day of my retirement and am also okay with that so its very easy for me to plan.

 

[Asma]

I my country Pakistan.. there is different rules for different company. as few of company give amount as pension after retairment by her company funds. In other companies here is few organization that support employee after retairment

 

[Eodine]

Pension fund in my country is a joke especially if it is run by the government. The money is spent by the higher uos leaving the owners stranded after retirement. Only the private sectors accept contribution towards retirement.

 

[Adetayo100]

Pension plans are funded by contributions by employers and employees. Public employee pension plans tend to be more generous than plans from private employers. Private pension plans are subject to governmental regulation.

 

[Greatguy1]

Pension fund administration is a pool of investment of pensioners and aspiring pensioners handled professionally by certified personnel to accrue returns on investment with specific time for maturity. Every month certain percentage is deducted from the salary of workers and added to their pool of investments. Interest accrued are paid twice yearly while the capital keeps accumulating. There is an option for termination of contract which is enforced after a given time frame.

 

[Victor72]

Over here in my country employee contribute 20% of their salary every month as their pension funds. But after retirement they are always been paid 50% of their salary as their pension

 

[FreshKaz11]

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?

I really don't know how it works but I remember while working with one company like that before I was giving a pensions form to fill which I did,but lost the job somehow and my pension money jeep increasing because I do receive alert notification till date.

 

[nimzy]

In my country Nigeria pension fund are only recommendable for retired civil servants which they recieved ever months for maintenance most of them uses it in different dimensions base on how they want it some invest and some spend for domestic usage.

 

[Sincerem]

Over here in my country employee contribute 20% of their salary every month as their pension funds. But after retirement they are always been paid 50% of their salary as their pension

Are talking about pension insurance scheme?? If you're saving for pension scheme via third party investment scheme, and make contributions of 20%. I believe that after retirement the benefits will be reasonable.

 

[Spicywilfred]

Over here in my country employees pay 20% of their salary every month as their pension fund, this money is been deducted by the organisation every month, once you have agreed to pay scheme

 

[Sincerem]

Government have some charges they include when disbursing civil servants salaries. Those little charges goes into their pension funds, and some goes into government revenue income. So at the end of the workers time at service, those charges will be included in order to carter for his or her pension.

 

[Richard92]

pension fund work smoothly in my country when you register for the scheme after your retirement payment start and you are been paid till the day you die.

 

[Nomad]

In my home country, all the government employees are entitled for pension who have worked for 20 years. If you worked in government owned schools, colleges, universities, army, police, etc. you will receive pension.