Pension vs gratuity vs severance package

[Hades]

I hear lot of people talk about pension and gratuity like are they the same or they different and if they are different what's the different between both of them and who are those been paid gratuity and why are they paid is it the same thing as severance package

 

[Aumeabbas]

I hear lot of people talk about pension and gratuity like are they the same or they different and if they are different what's the different between both of them and who are those been paid gratuity and why are they paid is it the same thing as severance package

Well pension is mostly given by govenment and semi government X employees in form of installment in every month. While graduaity is given be mostly private sector which is lum sum amount that is given to their x employees.

 

[Alexandoy]

The severance package here is similar to the retirement pay although they are different. Usually the severance pay is given to a worker who resigned from his job - only those who had worked in the company for 5 years or more. The retirement pay is given to a worker who retires after working for 10 years or more in the company. The gratuity pay is an added money to the retirement pay. The pension is the monthly stipend that the retired worker receives for life.