public retirement

Public retirement refers to a government-sponsored program that provides financial support to individuals after they leave the workforce due to age or disability. Funded through payroll taxes during working years, these programs aim to ensure a basic income for retirees, reducing financial hardship. They often operate on a pay-as-you-go basis, where current workers' contributions support current retirees. Public retirement benefits vary by country but generally serve as a foundation of retirement income, often supplemented by personal savings or employer-based pensions. The goal is to promote economic security and dignity in later life.