What does pensions mean?
noun
A regular payment made by an employer into a fund for an employee's retirement, typically after a certain age or number of years of service. Pensions can be provided by employers or governments, and may be funded by contributions from the employee, employer, or both.
Example
"The company offered its employees a generous pension plan, which would provide them with a comfortable income in their retirement."
Definition generated by AI and curated by RJS Tech Solutions LLP.