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Difference between Retirement and Pension
In this paper I am going to answer the following question: “What is the difference between pension and retirement?”. But first I have to start with definitions.
Retirement is someone’s withdrawal from active service. In most countries, a worker is said to have retired from service when they have attained a mandatory age or served for a period time in an organization. This age varies from country to country. In the United States, for instance, this age is 62-67, depending on the person’s date of birth. Other countries include: Ukraine – 57-60, Canada/Australia/UK – 65, Italy – 67, and India – 55-60. However, this should not be confused with resignation as workers are made to undergo the compulsory withdrawal from service. Also, when a worker is retired from active service, say in the military, they always receive a particular amount of money for his/her contribution to the organization. The payment could made in two ways: gratuity and pension. However, that is not the case with resignation. When you resign from your job, you rarely get financial compensation. Most times, people are forced to resign from active service for one reason or another other than ages. At some other time, the management may ask a member of the board resign to avoid denting his/her reputation because it is better than being sacked (fired) from work. So, we can see the definition of retirement as the withdrawal from active service as certain conditions have been satisfied not for the wrong reasons. When someone, usually a high-level executive, is forced to set aside for the wrong reason, it is called resignation.
On the other hand, pension is the compensation (usually in form of payment) that a worker receives from the management of his/her organization for attaining a particular age or years of service. In most organizations, including government establishments, people (called retirees) receive an amount of money in appreciation for their contributions to the organization. Apart from organizational setting, pension is also used to designate payment made to a widow or disabled people. Such payments are always made by the government, philanthropist, or community. Thus, the definition of pension is straightforward. s
While pension is a payment made to a widow, retiree or disabled person, retirement is a stage in life when someone has stopped working with an organization. In general, pension is money (compensation), while for retirement is stage of career. Age for both depends on country and organization. And finally, what happens afterwards? Showing appreciation and having a well-deserved rest.
Summarizing, now we have an idea of what the difference between pension and retirement.
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