Some things you should know about pension

[Carpon]

Pension is basically an amount of money that retired workers get and usually sustains them after work till their live cessates.

The amount you get paid as pension is actually your funds and it was kept overtime as you were working and then it is paid in bits to you as pension when you retire.

Not all sects of work pay pension and mostly, private firms do not give pension to their workers and that is why we have some jobs that are regarded as permanent and pensionable and others are seen as temporary and non pensionable.
Pensionable works are those that offer pension to retired workers while non pensionable works are those that do not offer pension.

There are a number of years that some organisations offer pension and it stops after that number of years have elapsed. Also, the payment of pension stops once the person dies and the stoppage happens when a person does not die after the expiration of the stated number of years.

What do you have to add as a fact about pension.

 

[Shaf]

In Nigeria, having access to a pension is one of the major reasons why a lot of people prefer to get a job with the government. This has created excessive reliance on this though, in my opinion. Many people have no plans for their lives after retirement. They feel that what they will get then would be able to sustain them and they can even live a luxurious life with it.

This has proven not to be the case. Some of them may stay months or years after retirement without the initiation of the pension and there may be delays sometimes after the initial payments.

I would like to be self employed, but it would be nice to have a guaranteed pension. What I would like to do is work for 15 years which qualifies me for pension while focusing on building a business, then quit and focus on the business full time.

 

[Etini]

@Shaf has stated that many people have no plans for their lives, they depend on external factors to plan their lives for them. That is why they rush for pensionable jobs and can do anything to get this kind of job. It is not a bad thing though but as a person, you should have a plan for your life. What if you can't get a pensionable job? Does it mean you can't map out your life to enjoy old age?

One fact about pensions in Nigeria is that it is about one-third of your last salary when you were still active. My father is receiving a pension and it has helped though. The only disadvantage is that the man is still agile and strong. But he doesn't want to do anything productive. The hope is that a pension would surely enter and he would use that to take care of himself. Pension can make one lazy.