Pensions are a job holder’s financial security during his/her old age. In India, pensions are a regular feature of government jobs and also exist as a job benefit in public sector organizations and some large private sector companies. However, they are notably absent as a part of job benefits in a number of medium and small private sector companies all across the country. The term pension refers to a fixed sum that is paid to an individual periodically after he/she retires from employment services. The amount to be given out as pension is determined through a legally binding contract. The person who receives the pension is known as the pensioner or the retiree. In the event of death of the pensioner, the pension is usually payable to his/her immediate next of kin. Some of the different kinds of pensions include employee-based pensions or retirement plans, social and state pensions and disability pensions. Hide this