How old is too old?

[Slytovhand]

You'd think businesses would be happier to be getting something out of their aged employees instead of having to pay their pensions without receiving any work.

/confused

No... over here, for your entire working life, you are putting funds into a 'trust' account, and when you retire, you get the 'proceeds' of that (not in a lump sum... but there are ways to access it if things get desperate) - paid out as a % of your pay (depending on the amount in there) and for the rest of your life.

So... there's no instance of 'paying without working' stuff...

Aniwahya - if they want to remove someone early, they can also do a lumpsum payout, but it doesn't affect the pension...much


Slyt

[AFPheonix]

We also do that (see Social Security), but especially in some industries over here, the business is responsible to help pay for funding the older person's pension. This is part of the reason why Ford and Chevrolet have been sucking, they're paying a huge portion of their budget on "legacy workers", ie, paying into their pensions and insurance.

A lot of companies are either buying off their pensioners or doing away with benefits like that entirely, which some people my age are not happy about. It just means we have to be smarter about our retirements and save better now.