Do private sectors give pension in your country?

[Kingsley]

Pension as we know is the amount that is been paid to individuals in either a public or private sector for a certain period of time and has entered the retirement age. This money will be paid for the rest of the useful life of the person as long as he or she is alive.

But in some countries we realise that some organization private mostly don't get to capture their staffs in these schemes that makes provisions for their stuffs for their retirement stage. They are been laid off or retiredor in some cases sacked without anything to fall back to.

Worse off are those that have completed their active years in services and at the end they have nothing to show for it as the government hadabandoned them to their fate and yhey struggle daily life after retirement.
What is your take do they pay private sectors pension in your country?

 

[Alexandoy]

If you mean by pension is the retirement pay, yes, most of the big companies give more than the standard amount required by law. Some companies like banks give 2 months of salary for every year of service to a retiring employee who had rendered at least 20 years of service. That retirement pay is substantial for a retiree.

 

[Yugocean]

In our country, even Government has done away with regular pension and established new scheme which is vey low and market based. Private companies do also have pension plans, but those are also market based, many plans are combined with government schemes.
But @Kingsley , why don't you inform about your country's?

 

[btaliat]

Most private companies do plan scheme. Where I work there is pension scheme for us, the employees. But the pension is done for workers that have spent 2 years. They have an account with some pension scheme companies. And the employer can even continue with those companies even when the employee even leave our work place.

 

[Rachael]

In my country, the harsh economic situation has rendered many people and even graduates to take up odd jobs just to have a means of livelihood. there are some jobs we take up and we realize, that we end up running at a loss, thereby it means we just offer free services just so we do not sit idle at home doing nothing because obviously, there is no food for an idle man. Most private sectors do not give pension in my country and this is where government jobs have a upper hand when compared to a private job.

In most private schools where there is a pension fund, it is solely the contributory effort by the teachers or employees to set up such an idea and if not properly watched, the management might choose to come up with a crooked story just so the funds could be diverted. It is already a known fact that most private sectors in my country do not care for the welfare of their employees, they do not care if you are satisfied or you grumble and work, their concern is to get your work done even under pressure but they fail to increase our pay under the same pressure.

 

[Kendy]

In my country 80% of private sector operate in a very demeaning way to their workers due to the state of economic crisis. They leverage on the right of their employees because they know they may not have an alternative than to stick despite their miserable working conditions. In my country many people would be willing to loan money from the bank just to lobby for a slot in a government organisation.


Practically, most government organisation do not really pay well but due to the leverage of job security, fringe benefits and favorable working conditions, this is the reason why people prefer it and coupled with advantages of pensionable jobs and gratuities as well. While on the other hand, private jobs are coupled with; miserable working condition, low wages and there is ultimately no job security. It is just in a few or a handful of private organisation where there is leverage of pensions and in most cases, it is solely funded by the employees. The covid-19 pandemic was really an eye-opener to tell the world that private workers do not have job security and they are not valued by their employees. Most of these employee just milk out their talent and throw them back to the street when an economic crisis occurs.

 

[Mika]

Big companies in my country give pension plans, these companies include banks, business houses, industries, etc. Some companies offer pension plans as good as the government's pension plan, whereas some companies offer very poor pension plans. However, you will be entitled to a pension plan only when you have been working for the company for at least 20 years. Since most of the companies offer a very poor pension plan, a lot of people working in the private sector choose to switch jobs frequently. When they switch jobs, they always go for higher pay. By moving into higher-paying jobs, they are able to earn more, and hence save more or invest. A lot of people prefer to invest in the share market or real estate. By the time they retire, they will have their own house or some sizeable investment in the share market. This money will help them live easily in their old age. By the way, the government pension plan is really good, you will receive 40 percent of your salary (your salary when you retired) until you live and after you, your spouse will receive 25 percent of your salary as the pension as long as he or she is alive