Pension means that a person retires from his job because of age or other factors. A large one-time reward that the company or employer must give. Retirement has different designated ages or length of service in different places and occupations.
Employees over this age are considered unfit to continue working and can choose whether to continue working. At this time, the employer must take out a large sum of money as a reward for the hard life of the workers, as a source of living expenses and medical expenses for the elderly after not working.
Extended data:
The main categories of pensions:
1, according to the pension financing method:
(1) Retirement mode of deposit fund: The enterprise withdraws the retirement fund and gives it to an independent trust institution, such as a bank or an insurance company for safekeeping and use. When employees retire, the trust pays the pension from the retirement fund. If an enterprise fails to fully fulfill its obligation to pay pensions, it may not withdraw pension funds.
(2) Retirement measures without deposited funds: the enterprise fails to withdraw retirement funds and deliver them to the trust institution for safekeeping, or the enterprise withdraws retirement funds but keeps them for safekeeping, but fails to deliver them to the trust institution for safekeeping. When employees retire, enterprises raise funds to pay pensions. Compared with the retirement method of deposit fund, this method lacks the protection of employees' pension.
2. According to the determination method of pension payment:
(1) agreed withdrawal method: the enterprise shall withdraw a certain amount of retirement fund every year according to the provisions of the retirement measures and hand it over to the trust institution for safekeeping and use, and pay the retirement fund belonging to the employees to the retired employees when they retire. Usually, a fixed amount of funds is withdrawn every year according to a certain proportion of employees' wages (for example, 5% of wages).
The pension that employees can get when they retire depends on the amount deposited and the interest generated, and the enterprise does not guarantee the amount of pension payment. The amount of pension withdrawn by an enterprise in each period is the pension cost that should be confirmed in the current period. The accounting treatment of the agreed deposit method is relatively simple. When withdrawing, you can debit the pension cost and credit cash, and there are no other entries. Most enterprises in our country adopt this method.
(2) Agreed payment for retirement: the enterprise promises to pay a certain amount of pension in one lump sum when employees retire, or pay a certain amount of pension in installments when employees retire; As long as the enterprise has the ability to fulfill the obligation of paying pensions when employees retire, it is up to the enterprise to decide whether to withdraw pension funds on time.
Under this method, the amount of pension is usually determined according to the employee's salary level and service years, or both or only one of them, such as service years. The former is called the final wage method, and the latter is called the fixed payment method.
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