It may not be all,but I am certain a good number of private companies provide exit packages others provide pension in the same vein, ExxonMobil is a good example.
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most private companies do not pay pension and it is very wrong in this part of the world I think all private company she will make use of pension scheme another for their workers to have a brighter future.over here in my country not all private company gives out pension and their pension scheme are very different, some private company only gives out gratuity to their workers while others do give pension and you have to work 35 to 40 before you are liable to receive pension from a private company over here in my country
there is always a private pension scheme but it's not all private companies that adapt to pension scheme only if you pay their workers 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.
Private companies are also a business enterprises working to make profits and i dont believe its possible for them to raise pension scheme firm their workers and that's why they normally pay their retired workers off,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.
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.
This is actually the fact about most private organsations,they do not have a pension scheme plan for their employees,and this wll make them have just their gratuity after their retireement.And after that you are saddle with the responsibility to care for yourself.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.