Asked by Bryan Raffael on Jul 29, 2024
Verified
Most of the pension plans in privately held organizations are contributory.
Pension Plans
Financial programs provided by employers, offering income to employees following retirement based on their earnings and years of service.
Privately Held Organizations
Companies owned by private individuals or groups and not traded publicly on the stock market.
Contributory
Involving or denoting a pension, insurance plan, or other benefit scheme where both employers and employees make payments towards the cost.
- Understand the significance and operations of retirement and pension schemes, encompassing both contributory and non-contributory forms.
Verified Answer
Learning Objectives
- Understand the significance and operations of retirement and pension schemes, encompassing both contributory and non-contributory forms.
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