Approved Employment Pension: if we look at word Pension, then pension created by an employer for the benefit of an employee is commonly referred to as an occupational or employer pension. Labor unions, the government, or other organizations may also fund pensions.
Employment Pension Scheme in Verious Countries:
Employment Pension Scheme UK
Under the Pensions Act 2008, every employer in the UK must put their qualifying employees into a pension scheme and, where appropriate, pay contributions. This is called automatic enrolment. If you employ at least one person you are an employer and you have certain legal duties.
Employment Pension Scheme USA
As per American state pension system (official name: OASDI – Old-Age, Survivors, and Disability Insurance program) operates on a pay-as-you-go basis and is financed through social security taxes paid by employers and employees (accounting for 84%), tax revenues paid by upper-income social security beneficiaries (2%).
Employee Pension Plan Canada
The Canada Pension Plan (CPP, or QPP as it is known in Quebec) is available to eligible workers at age 65, or up to five years sooner at a reduced rate. You pay into the program when working. It is intended to replace up to 25% of your full-time income upon retirement.
Employee Pension Scheme in Pakistan
The Act provides for invalidity or disability pension if an employee sustains an employment injury, as defined in the act, and suffers an earning capacity loss of at least 67%. In this case, he is entitled to invalidity pension provided that he must have: At least 15 years of contributions or.
Employee Pension Scheme in India
EPF applies to employees in the organised sector who work in firms with 20 employees or more. Both employer and employee contribute 12% of their salary each month to the EPF. 8.33% of the employer’s contribution is allocated to the EPS or Employees’ Pension Scheme subject to a ceiling of Rs 15,000 per month.
Employee Pension Scheme in UAE
UAE nationals working in government and private sectors are eligible for pensions and other retirement benefits after reaching the retirement age of 49 or serving a minimum 20 years in total. The entitlement of the beneficiaries of the insured or the pensioner commences as of the month that follows the date of death.