pension

Vocabulary Word

Definition

'Pension' is regular income given to someone after they retire. This income is usually a part of an arrangement where either the person or their employer has been contributing to a pension fund during their working years.

Examples in Different Contexts

In social impact programs, enhancing 'pension' accessibility is crucial to support the elderly population. A social worker might declare, 'Advocating for accessible and adequate pension schemes is crucial to alleviate poverty and improve the quality of life among the elderly.'

Practice Scenarios

Investment

Scenario:

I have been considering various retirement strategies. Do you think investment in stocks can help fortify my pension income?

Response:

Investing in stocks can indeed help boost your pension income, but it’s important to consider the potential risks and diversify your investment portfolio.

Business

Scenario:

Our HR department has been reviewing the employee benefits package. How much impact can a good pension scheme have in attracting quality talent?

Response:

A generous pension plan can serve as a significant draw for talented professionals looking for long-term career opportunities.