Question

may
be
defined as a periodic
payment made
especially by
Government or a
company or other
employers to the
employee in
consideration of past
service payable after
his retirement.

Answer 1

pension is the correct answer.

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Answer 2

Pension may  be  defined as a periodic  payment made  especially by  Government or a  company or other  employers to the  employee in  consideration of past  service payable after  his retirement.

• Pension is the amount that a retired person gets based on his services, the period of the pension can be in months or in years.
• The retirement age generally is around 55-65 years, this could vary from company to company, and after the retirement age, the person needs not work any more for the company.
• The amount that is given as a pension to the person is collected throughout his job and then after his retirement it is given to him in a periodic time period.