Retired pay

Retired pay – this legal term applies in the social services of every country, where refers to the retirement money, payable to old people who retired from job. Usually the retirement pay is given every month till the death of the retired person, calculated on the employee’s retirement payment plan – i.e. on the years of work, the amount of the salary, the self-securities deposited during this time, etc. It is instrument of the Social system for supporting the citizens. Synonyms are “pension” and “retirement subsidy”.

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