This subject has been reverberating in the recent past. It is the matter of 75 per cent upfront pension lump sum payment agitation for retirees.
It is of grave concern for all – the industry, the public, the government and pensioners.
Some industry members and experts have wondered if what is being requested for is properly understood. Ordinarily, nothing should be wrong with taking what is considered yours legally. The fact that you live long enough to receive the any part of your pension money into your account is exciting. It really feels good. It is like overseeing what is yours and your future. It is well deserved, haven worked and earned it. However, is the easy way out seemingly the best? Who does not like the good feeling of some good money ‘cooling’ in his or her account?
The answer lies in understanding the purpose and intention of pension. Pension is a reward and recognition for common goodwill of workers for aging on the job and a need for a soft landing after active work years. The employer, government or private sector as defined by the law is mandated to make such provision.
This collective social security arrangement is to both attend to and fend off the burden of later life social and health challenges on aged citizens from the governments already over-burdened other responsibilities. Because of the failure, abuse and burdens of the previous Defined benefits system, DBS, a novel contributory pension scheme (CPS) evolved based on the pension Act of 2004 and its reform of 2014.
Leave a Reply