Question

The periodic payment of money for the past service
is known as:
(A) Gratuity
(B) Pension
(C) Commuted pension
(D) Leave salary
pension​

Answer 1

the correct answer is pension

Answer 2

The periodic payment of money for the past service is known as pension.

• A gratuity is a one-time sum of money given to an employee by their employer as a thank you for their contributions to the business
• A pension is a retirement savings account for an employee that is funded by the company, the employee, or both, with the employer often footing the majority of the bill
• You have the option to elect to receive a portion of your pension in advance when you retire. This type of pension is referred to as a commuted pension
• The monthly payment made to an Institute employee who is on leave is known as a "leave salary."

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