ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -a regular income paid by a government or a financial organization to someone who no longer works, usually because of their age or health: comfortable/decent/generous pension They receive a generous pension, typically 75% of last pay drawn. pension plan/scheme Her new job offers a company pension scheme.

Detailed explanation-2: -The amount of pension is 50% of the emoluments or average emoluments whichever is beneficial. Minimum pension presently is Rs. 9000 per month. Maximum limit on pension is 50% of the highest pay in the Government of India (presently Rs. 1, 25, 000) per month. Pension is payable up to and including the date of death.

Detailed explanation-3: -The new universal pension scheme also plans to include superannuation pension, widow pension, children pension and disability pension. However, It may increase the minimum qualifying period of service for pension benefit to 15 years from the existing period of 10 years.

Detailed explanation-4: -Pension funds are pooled monetary contributions from pension plans set up by employers, unions, or other organizations to provide for their employees’ or members’ retirement benefits. Pension funds are the largest investment blocks in most countries and dominate the stock markets where they invest.