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PENSION (Lat. pensio, a payment, from...

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Originally appearing in Volume V21, Page 119 of the 1911 Encyclopedia Britannica.
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PENSION (Lat. pensio, a payment, from pendere, to weigh, to pay), a regular or periodical payment made by private employers, corporations or governments, in consideration either of past services or of the abolition of a post or office. Such a pension takes effect on retirement or when the period of service is over. The word is also used in the sense of the payment by members of a society in respect of dues. United Kingdom. In the United Kingdom the majority of persons in the employ of the government are entitled to pensions on reaching a certain age and after having served the state for a certain minimum number of years. That such is the case, and moreover that it is usual to define such pensions as being given inconsideration of past services, has led to the putting forward very generally the argument that pensions, whether given by a government or by private employers, are in the nature of deferred pay, and that £3174,087. A return is published annually containing a complete holders of posts which carry pensions must therefore be rewarded by a remuneration less than the full market rate, by the difference of the value of the pension. This view is hardly correct, for the object of attaching a pension to a post is not merely to reward past services, but to attract continuity of service by the holder as well as to enable the employer to dispense with the services of the employe without hardship to him should age or infirmity render him less efficient. Dissatisfaction had been expressed from time to time by members of the English civil service with the system in force, viz. that the benefit of long service was confined only to survivors, and that no advantage accrued to the representatives of those who died in service, This was altered by an act of 1909. See Royal Commission on Superannuation in the Civil Service: Report and Evidence (1903). For the general pensions given by the state to the aged poor see OLD AGE
End of Article: PENSION (Lat. pensio, a payment, from pendere, to weigh, to pay)
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