Retirement pay

Retirement pay is a regular income provided to individuals after they finish their working years, enabling financial stability in old age. It is typically funded through contributions made during employment, either by the employee, employer, or government, depending on the country’s system. The amount varies based on factors like salary history, years worked, and specific pension plans or social security programs. Retirement pay aims to support retirees’ basic living expenses and maintain their quality of life after they stop working.