Private companies and pension schemes

[Stylex]

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

 

[Chibson]

Most private companies do not really involve themselves in pension schemes because they may not be able to pay and that is one of the reasons why government job is much better than private jobs.

 

[Yusuf]

To some extent I don't think it's possible for private companies to do this just because of the fact that they pay their employees good salaries compared to government agencies that pay low salaries before retirement

 

[Richard92]

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.

Not all private company are conversant in the payment of pension and they are not even used to the pension scheme so it is most times very rare for You to work in a private organisation and receive pension at the end of the day.

 

[Kingmarvex]

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.

Some private companies trying to convince me to key into their pension scheme but I can't, because if cases where one can't access the pension fund because of the annoying rules

 

[Kaffyfolla]

You are right with your write up as the government have provision for pension scheme while private do not but there are some private companies that gives gratitude to their employees after retirement

 

[Setho]

It is very possible for private companies to have some sort of pension schemes for their workers and it is even supposed to be by the love but many companies do not adhere to this.

 

[Richard92]

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.

Most private companies do not pay for pension some do people pension while others don't pay for pension it is not necessary you work under a private company and you have paid pension at the end of the day.

 

[Filicit]

Private companies too pay pensions but it's usually the big companies that have a huge turnover and generate good income but small firms do not most times.

 

[Alexandoy]

Now I remember my former boss in a software company that he receives a monthly pension from IBM Philippines. He used to be a top notch salesman and he was granted that privilege of a pension when he retired at age 50. Yeah, it is too young to retire but he enjoyed life with the software business.

 

[Kunkun]

Well it's definitely possible to do that and it seems some private establishments also have started out the initiative, always wondered why it's the government jobs that do of pensions tho

 

[joy101]

I have not see any private company that pay their workers pension is only government organization that I know that has pension schemes.

 

[Richard92]

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.

Not all private company actually operate on pension scheme it is only few in my country that pays their workers pension whatever it is right to always pay workers pension.

 

[Kelly5]

There are some very well established private companies that do offer such schemes for their employees. But it is obvious that it's not all private companies that have that sort of arrangement for their employees.

 

[Toyoabasi]

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.

The government's pension scheme is certain.
When it comes to the private sector, I think companies have a way of doing this; during the working years of their staff, a certain percentage is deducted from their salaries and added to the pension fund. I do not know if companies call such scheme a pension scheme.

 

[Trexxxy]

Well it's possible to do that and it seems some private establishments also have started the initiative, always wondered why it's the government jobs that do pensions tho

Yeah, some private companies do have a plan for some of their employees. They either give them benefits at the end of their services or have them be a part of a pension scheme.

 

[HayKay]

They usually do have. Any private establishment that doesn't think of having such plans for her workers if there's none on ground shouldn't be considered by employees.
I remember my uncle's company then- they were so insistent that they deducted regularly from their salaries and even gave them trainings about life after working from time to time.

 

[tyrim88]

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.

Most of the reason some private organisation don't normally want to go through the stress of putting out a pension funds for their employee,is because of the cost of doin that,they would prefer to make them have a substancial amount as salary so that when their job expires,they would be paid off.

 

[Mayox25]

In my country the pension law has mandated private organisations with more than ten employees to enrol their staffs on the contributorty pension scheme wherein 5% of the employees salary is remitted to the pension fund administrator and its matched with another 5% from the employer.

 

[Toyoabasi]

I have not see any private company that pay their workers pension is only government organization that I know that has pension schemes.

There are private companies that do a kind of pension scheme for their workers, especially for workers who want to sign up for it. A percentage is taken from their salaries and put in the scheme. On retirement, the pension can be paid all at once or on the terms of the worker.