How does pension fund work in your country

[Shigobad2020]

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 think you are talking about the generation of state government pension schemesand how its generated , I think the federal government pension fund is different.

 

[Sincerem]

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.

Your own country's system of paying for pension is indeed worthwhile and very good. Here in my country you need minimum of 35 years of working for government.

 

[Filicit]

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?

There is actually no fixed percentage as regards how much goes into pension fund it depends on the company you work for or the agreement between the parties

 

[Tracee]

Pension fund is not reliable is all I can say, before my dad pass on, some months we wouldnt see any alert, even after contacting the office, its a shame though.

 

[kayode10]

We have pension in my country but it is not something to write home about. It is very certain that some people are embezzling the pension fund for various professions.

 

[Sincerem]

Pension fund is not reliable is all I can say, before my dad pass on, some months we wouldnt see any alert, even after contacting the office, its a shame though.

Was your dad on pension pay roll list before his demise? If your dad was on the list and death came, they ought to be paying him pension till now, until the family reports for the demise of the pensioner.

 

[joy101]

Pension salary is only for government workers because government have to save 20% or more of your monthly salary, so that when one retired them can pay your pension from there.

 

[Tracee]

Was your dad on pension pay roll list before his demise? If your dad was on the list and death came, they ought to be paying him pension till now, until the family reports for the demise of the pensioner.

Yes he was, but before his death the pension payment became unsteady a month before his death till now we received nothing, its not just us some persons still experienced same thing.

 

[Sincerem]

Yes he was, but before his death the pension payment became unsteady a month before his death till now we received nothing, its not just us some persons still experienced same thing.

Hmm, its dissatisfying indeed. But did you people go to the bank and table the complaints to the bank manager to hear from him?

 

[Stylex]

Write your reply...how does pension funds work in your country pension funds work in my country that's Nigeria very smooth and I will be glad to hear from you just that some people the amount of money is now enough to sustain them

 

[Snazzy001]

Pensions paid as 50% of your salary.the truth of the matter is that the government in my country sometimes he's not even serious about the pension and that explains why some States Tampa with the pensioner's

 

[Hojo]

Pension in my country I still wouldn't tell any one to depend on it as you may think of it till dead without getting it .., our government sorry to say is just so wicked

 

[Filicit]

Pension fund is not reliable is all I can say, before my dad pass on, some months we wouldnt see any alert, even after contacting the office, its a shame though.

I'm sorry to hear about your dad, it's just one of the things we're talking about, human selfishness, the government mist likely released those funds but someone got greedy

 

[Bousine123]

It's the same, but most of these funds are not even tangible enough to cover for their expenses. It's best one just invests in a business.

 

[Toyoabasi]

In my country, once you have completed your 35 years of service, you are eligible to pensions and a gratuity.
The pensions are 7% deductions that were made from your salary while in active service. The pension is paid to the pensioner's account monthly.

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?

 

[Mayox25]

In my country it is called contributory pension scheme which the employer deducts 5% from the salary of their employees and the employer also match it with another 5% making it 10% and remit it to the pension fund administrator that the employee is enrolled with.

 

[Toyoabasi]

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.

In my country, if you're working for the government, you would be entitled to pensions after completing your 35 years service. The pension is actually 50% of what you earned as salary and it is paid monthly.

 

[greenie]

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

 

[Shoaib5600]

In my country pension is mostly used in household work these pensions belong to old people most of them can't able to do work or some business. Therefore they use their pension for household work.

 

[HayKay]

I know different countries have different rules as well. But the bottom fact is that employers are supposed to show that they cater for their employees by remitting a certain amount of their income to their pension funds.
Some employers don't have these kinds of things in place though.