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Private companies and pension schemes

Trexxxy

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Sometimes I wonder is it possible for private owned companies to have a sort of pension scheme for their employees welfare after they retire from the job. We all know that government jobs have schemes like this, infact it is one of the perks of the government jobs. I think private companies that can't consider pension schemes should at least arrange some sort of benefits for their longest serving employees.
 
Sometimes I wonder is it possible for private owned companies to have a sort of pension scheme for their employees welfare after they retire from the job. We all know that government jobs have schemes like this, infact it is one of the perks of the government jobs. I think private companies that can't consider pension schemes should at least arrange some sort of benefits for their longest serving employees.
Yes, l agree with you friend.
In my country some private organizations have now pays some some amount of money for their retired employees even though it's not always up to the public sector employees own. And those that still don't pay their retired employees, they also do give their employees better monthly salary and those employees that can utilize such money well, they normally don't always face any problem after retirement.
 
One company that I know which has a pension plan for their employees is IBM. My former boss was a salesman of IBM mainframe computers and he retired before reaching 50 to put up his own software company. Aside from the lump sum that he received he was also receiving a substantial monthly pension every month. With that kind of company a retiring employee would be enjoying his life until his old age if he will not squander the pension money.
 
Yeah! You are right dear that Government employees get favour from pension schemes but private employees have no this. But in most private sectors in my country provide the facility of Pension after retirement because they deduct their pay for this purpose.
 
Majority of private organization do not have a pension plan for their employees and I think that's more reason they pay them higher than government employment sometimes. Even as a private organization it is always humane to have a sustainable and after service plans for your employees. This shows that you care about their life. You may enter into an agreement with them to be deducting certain amount from their salary monthly and keep for their retirement plan.
 
However, people working in private organisations are also eligible for some fixed pension under the Employees' Pension Scheme (EPS) on fulfilment of some terms and conditions. The EPS scheme is part of the provident fund (PF) scheme of private sector organisations having 20 or more employees.
 
I think federal government has a pension scheme for their employee, moreover what is pension scheme? Pension scheme entails a well detailed information about the amount that will be removed from an employee salary at the end of the month. so I don't think a private sector has pension scheme for their employee.
 
Yes it is possible, but on a rare occurrence. You know private company are owned personally by individual and their financial capability are no match for that of the government, this is why you discover that most private company do not pay pension. Although veteran private company do pay.
 
The tale between privately owned companies and pension payments is a long one. In countries like Nigeria or Africa in general where their system doesn't work it would be a total disaster. Private organisations take advantage of employees and most of them don't care about paying their pension or any thing of that sort.
 
In my opinion, private sectors don't have any pension scheme in place. I have never heard of any private company paying pensions to their retired staff. They feel once you are done with them, you've earned your salary and that is all they owed you. But not pensions.
 
Sometimes I wonder is it possible for private owned companies to have a sort of pension scheme for their employees welfare after they retire from the job. We all know that government jobs have schemes like this, infact it is one of the perks of the government jobs. I think private companies that can't consider pension schemes should at least arrange some sort of benefits for their longest serving employees.
 
One company that I know which has a pension plan for their employees is IBM. My former boss was a salesman of IBM mainframe computers and he retired before reaching 50 to put up his own software company.
 
Sometimes I wonder is it possible for private owned companies to have a sort of pension scheme for their employees welfare after they retire from the job. We all know that government jobs have schemes like this, infact it is one of the perks of the government jobs. I think private companies that can't consider pension schemes should at least arrange some sort of benefits for their longest serving employees.
They're actually private companies that have pension scheme for your workers, they operate this kind of pension scheme on a contributory basis, that is to say any worker who wishes to be a part of your scheme would indicate and apply for certain amount to be deducted from his or her monthly salary.

Just like government workers, those who work in private companies also retire and will need some kind of fund to fall back on when they are no longer working actively. Therefore, private companies should make it a point of duty to bring in their workers on board a good pension scheme.
 
Coincidentally today I had a conversation with a neighbor about it, he told me that if there are very important private companies that have the option, where the employee pays during the years of service and the company places a percentage. When they liquidate the employee, he gives them a monthly pension that is the sum of both parts that they paid monthly for this purpose.
 
Also known as company pension plans, these are set up by employers and can provide benefits including a tax-free lump sum (within certain limits), and pension income in retirement. the value of your pension fund at retirement (defined contribution schemes)
 
Pension plans are becoming increasingly rare in the private sector, although most civil service employees get them. In a defined-benefit pension plan, a company commits to a specific payment amount for life to each eligible employee, depending on his or her length of service and salary at retirement.
 
Funds are paid for by either employees, employers, or both. Corporations and all levels of government provide pensions. Key Takeaways. Companies reduce pension fund risk by relying on fixed income strategies ...
 
Most people do not want to involve themselves with private enterprises because if lack of security of job and that their labour of years may end up with just salaries. I don't know if there is a policy now about the payment of pension or gratuity to the workers. If this is done, it creates a very good atmosphere and hope for private firm workers.
 
It is true some private company has good pension scheme, but some private company after retirement they refused to pay you pension or sometimes they delay your pension
 
For the private sector, the government set out rules that each company must have a pension plan, through the employees old age benefit institution (EOBI) scheme and a gratuity or provident fund scheme.
 

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