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Hello all.
To make things clear, pension = social security. So your retirement money, to which you contribute in your entire working life and which the politicians spend in advance
But that's not the idea here.
In my country (Romania), there are basically 3 types of pensions (social security) that are calculated in three different ways.
1. Normal pensions. This is the pension that most of the population has. Basically, you give a certain % of your income to the state and when you retire, you will get that money back. You can opt to have private pensions too, and you can give a % of your salary to that private pension fund, and when you retire, you will cash out. This has a formula and usually, usually, when you retire, after 40+ years of work, you would get like 60-70% of what you earned on average over your working life. But there is a mathematical formula that deals with something called: point per pension (rough translation).
2. Special pensions. These are the pensions that state dignitaries get. These are calculated differently because many state dignitaries get many benefits that other normal working folk don't get... so there is a different formula. However, these pensions are usually the highest. Members of Parliament get huge pensions, so do ambassadors, former Presidents after they stopped being president, etc.
3. Military pensions. These are unique in that the amount of money you get as retirement is generally fixed, and it varies very little in accordance to what you paid in % from your income. Generally speaking, all colonels get the same pension pretty much, all seargeants get the same pension ,etc and again, there is little you can do to vary them.
So anyway, I want to know the following thing.
In your country, do different pensions get calculated differently or are they all the same? The reason I am interested is because there is a huge political discussion about how all pensions should be calculated the same (like all normal pensions) to cut down social security costs. The ones in power (social democrats and friends) are saying, yes, have all pensions calculated the same way, no more special pensions and no more military pensions, and the opposition (democrat liberals and friends) are saying to keep them the same way, and if costs have to be reduced, the pensions need to be reduced by a bit, but keep them different.
Both ways cut costs either way, or so do the stats show, but the way they cut costs will leave many former military personnel with a lot less money and also the special pensions would be heavily reduced, so retired ambassadors, MPs and other dignitaries will have a lot less pension.
So, are there different forms of calculating retirement in your country, and if so, which ones?
To make things clear, pension = social security. So your retirement money, to which you contribute in your entire working life and which the politicians spend in advance
But that's not the idea here.
In my country (Romania), there are basically 3 types of pensions (social security) that are calculated in three different ways.
1. Normal pensions. This is the pension that most of the population has. Basically, you give a certain % of your income to the state and when you retire, you will get that money back. You can opt to have private pensions too, and you can give a % of your salary to that private pension fund, and when you retire, you will cash out. This has a formula and usually, usually, when you retire, after 40+ years of work, you would get like 60-70% of what you earned on average over your working life. But there is a mathematical formula that deals with something called: point per pension (rough translation).
2. Special pensions. These are the pensions that state dignitaries get. These are calculated differently because many state dignitaries get many benefits that other normal working folk don't get... so there is a different formula. However, these pensions are usually the highest. Members of Parliament get huge pensions, so do ambassadors, former Presidents after they stopped being president, etc.
3. Military pensions. These are unique in that the amount of money you get as retirement is generally fixed, and it varies very little in accordance to what you paid in % from your income. Generally speaking, all colonels get the same pension pretty much, all seargeants get the same pension ,etc and again, there is little you can do to vary them.
So anyway, I want to know the following thing.
In your country, do different pensions get calculated differently or are they all the same? The reason I am interested is because there is a huge political discussion about how all pensions should be calculated the same (like all normal pensions) to cut down social security costs. The ones in power (social democrats and friends) are saying, yes, have all pensions calculated the same way, no more special pensions and no more military pensions, and the opposition (democrat liberals and friends) are saying to keep them the same way, and if costs have to be reduced, the pensions need to be reduced by a bit, but keep them different.
Both ways cut costs either way, or so do the stats show, but the way they cut costs will leave many former military personnel with a lot less money and also the special pensions would be heavily reduced, so retired ambassadors, MPs and other dignitaries will have a lot less pension.
So, are there different forms of calculating retirement in your country, and if so, which ones?