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Provident Fund
Provident fund is another name for pension fund. Its purpose is to provide employees with lump sum payments at the time of exit from their place of employment. This differs from pension funds, which have elements of both lump sum as well as monthly pension payments. As far as differences between gratuity and provident funds are concerned, although both types involve lump sum payments at the end of employment, the former operates as a defined benefit plan, while the latter is a defined contribution plan. Specific provident funds include: * Employees' Provident Fund Organisation, India's statutory retirement plan * Mandatory Provident Fund, Hong Kong's retirement plan * Central Provident Fund, Singapore's retirement plan * Employees Provident Fund (Malaysia), Malaysia's retirement plan * Employees Provident Fund (Nepal), Nepal's retirement Plan * Central Provident Fund (South Africa), a retirement trust * Instituto del Fondo Nacional de la Vivienda para los Trabajadores, Mexico' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension Fund
A pension fund, also known as a superannuation fund in some countries, is any plan, fund, or scheme which provides retirement income. Pension funds typically have large amounts of money to invest and are the major investors in listed and private companies. They are especially important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold about USD$6 trillion in assets. In 2012, PricewaterhouseCoopers estimated that pension funds worldwide hold over $33.9 trillion in assets (and were expected to grow to more than $56 trillion by 2020), the largest for any category of institutional investor ahead of mutual funds, insurance companies, currency reserves, sovereign wealth funds, hedge funds, or private equity. The Federal Old-age and Survivors Insurance Trust Fund, which oversees $2.66 trillion in assets, is the world's largest public pension fund. Classifications Open vs. closed pension fund Open pension funds ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lump Sum
A lump sum is a single payment of money, as opposed to a series of payments made over time (such as an annuity). The United States Department of Housing and Urban Development distinguishes between " price analysis" and "cost analysis" by whether the decision maker compares lump sum amounts, or subjects contract prices to an itemized cost breakdown. In 1911, American union leaders including Samuel Gompers of the American Federation of Labor expressed opposition to lump sums being awarded to their members pursuant to a new workers compensation law, saying that when they received lump sums rather than periodic payments the risk of them squandering the money was greater. ''The Financial Times'' reported in July 2011 that research by Prudential had found that 79% of polled pensioners in the UK collecting a company or private pension that year took a tax-free lump sum as part of their retirement benefits, as compared to 76% in 2008. Prudential was of the view that for many retir ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gratuity
A gratuity (often called a tip) is a sum of money customarily given by a customer to certain service sector workers such as hospitality for the service they have performed, in addition to the basic price of the service. Tips and their amount are a matter of social custom and etiquette, and the custom varies between countries and between settings. In some countries, it is customary to tip servers in bars and restaurants, taxi drivers, hair stylists and so on. However, in some places tipping is not expected and may be discouraged or considered insulting. The customary amount of a tip can be a specific range or a certain percentage of the bill based on the perceived quality of the service given. It is illegal to offer tips to some groups of workers, such as U.S. government workers and more widely police officers; the tips may be regarded as bribery. A fixed percentage service charge is sometimes added to bills in restaurants and similar establishments. Tipping may not be e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defined Benefit Plan
Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provide defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay.Lemke and Lins, ''ERISA for Money Managers'', §1:1 (Thomson West, 2013). A defined benefit plan is 'defined' in the sense that the benefit formula is defined and known in advance. Conversely, for a "defined contribution retirement saving plan," the formula for computing the employer's and employee's contributions is defined and known in advance, but the benefit to be paid out is not known in advance. In the United States, specifies a defined benefit plan to be any pension plan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employees' Provident Fund Organisation
The Employees' Provident Fund Organisation (EPFO) is one of the two in statutory social security bodies under the Government of India's Ministry of Labour and Employment and is responsible for regulation and management of provident funds in India, the other being Employees' State Insurance. The EPFO administers the mandatory provident fund. It also manages social security agreements with other countries. International workers are covered under EPFO plans in countries where bilateral agreements have been signed. As of May 2021, 19 such agreements are in place. The EPFO's top decision-making body is the Central Board of Trustees (CBT), a statutory body established by the Employees' Provident Fund and Miscellaneous Provisions (EPF&MP) Act, 1952. As of 2018, more than 11 lakh crore (US$157.8 billion) are under EPFO management. On 1 October 2014 the Government of India launched a Universal Account Number for employees covered by EPFO to enable Provident Fund number portability. Or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mandatory Provident Fund
The Mandatory Provident Fund (), often abbreviated as MPF (), is a compulsory saving scheme (pension fund) for the retirement of residents in Hong Kong. Most employees and their employers are required to contribute monthly to mandatory provident fund schemes provided by approved private organisations, according to their salaries and the period of employment. History In traditional Chinese society, a retired person was supposed to be supported by his family and his savings, thus an extended family formed a safety net. Life expectancy was comparatively low compared to today. As Hong Kong became a developed entity, life expectancy in the territory improved greatly and the birth rate dropped significantly. Extended family was broken into nuclear family. By the late 1990s, only 29% of Hong Kong's three-million workforce was covered by formal retirement provisions, Hong Kong's social security system is faced with the demographic challenge of a growing number of elderly people in the fut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Provident Fund
The Central Provident Fund Board (CPFB), commonly known as the CPF Board or simply the Central Provident Fund (CPF), is a compulsory comprehensive savings and pension plan for working Singaporeans and permanent residents primarily to fund their retirement, healthcare, education and housing needs in Singapore. The CPF is an employment-based savings scheme with the help of employers and employees contributing a mandated amount to the fund for their benefits. It is administered by the Central Provident Fund Board, a statutory board operating under the Ministry of Manpower which is responsible for investing contributions. The Global Pension Index, an index that assesses retirement income systems, placed Singapore as the best within in Asia and 7th worldwide in 2020. CPF monies are used by the CPF Board to invest in the exclusive purchase of Government-issued Special Singapore Government Securities (SSGS), with the proceeds from these transactions going into the past reserves. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employees Provident Fund (Malaysia)
Employees' Provident Fund (EPF; Malay: Kumpulan Wang Simpanan Pekerja, KWSP) is a federal statutory body under the purview of the Ministry of Finance. It manages the compulsory savings plan and retirement planning for private sector workers in Malaysia. Membership of the EPF is mandatory for Malaysian citizens employed in the private sector, and voluntary for non-Malaysian citizens. History Malaysian EPF was established in 1951 pursuant to the Employees Provident Fund Ordinance 1951, under the National Director of Posts. This law became the EPF Act 1951. In 1982, then the EPF Act 1991 in 1991. The EPF Act 1991 requires employees and their employers to contribute towards their retirement savings, and allows workers to withdraw these savings at retirement or for special purposes before then. As of 31 December 2012, EPF has 13.6 million members, of which 6.4 million are active contributing members. At the same date, EPF had 502,863 contributing employers. The EPF is intended to h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employees Provident Fund (Nepal)
Employees Provident Fund (Nepali:कर्मचारी सञ्चय कोष) Nepal is the pension fund/provident fund for employees of government and private sector of Nepal. The Fund is currently managing provident funds of 600,000 employees working for the government and in the private sector.Employees Provident Fund launches tele-fund My Republica The Fund also invests in different sectors like s and . The Fund distributes its profit among depositors. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sanlam
Sanlam is a South African financial services group headquartered in Bellville, Western Cape, South Africa. Sanlam is the largest insurance company in Africa. It is listed on the Johannesburg Stock Exchange, the Namibian Stock Exchange and the A2X. Established in 1918 as a life insurance company, Sanlam Group has developed into a diversified financial services business. Its five business clusters comprise Sanlam Personal Finance, Sanlam Emerging Markets, Sanlam Investments, Sanlam Corporate and Santam. The group's areas of expertise include insurance (life and general), financial planning, retirement annuities, trusts, wills, short-term insurance, asset management, risk management and capital market activities, investment and wealth. The group operates in South Africa, Namibia, Botswana, Swaziland, Zimbabwe, Mauritius, Malawi, Zambia, Tanzania, Rwanda, Uganda, Kenya, Ghana, Nigeria, Mozambique, India, Malaysia and the UK, and has business interests in the US, Australia, Burun ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Instituto Del Fondo Nacional De La Vivienda Para Los Trabajadores
The Institute of the National Housing Fund for Workers (Spanish: ''Instituto del Fondo Nacional de la Vivienda para los Trabajadores''; ''INFONAVIT'') is the Mexican federal institute for worker's housing, founded in 1972, and located at Barranca del Muerto 280, in Mexico City. It is the largest mortgage lender in Latin America and the fourth worldwide, with over 12 million mortgages on its books and a new one added every 53 seconds. The reform and expansion of Infonavit led to a transformation of the housing production system in Mexico, whereby more houses are now built by developers and purchased with a mortgage than through a self-build process, and it enabled the growth of several national homebuilding firms such as Casas GEO, Homex and Consorcio Ara. Infonavit receives 5% of all formal workers salaries and provides a series of housing-related mortgage products. These include a mortgage to buy a new or existing home, a mortgage to remodel a home or a mortgage to build a n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Social Security Fund (Kenya)
The National Social Security Fund is a Kenyan government agency responsible for the collection, safekeeping, responsible investment and distribution of retirement funds of employees in both the formal and informal sectors of the Kenyan Economy. Participation for both employers and employees is compulsory. The fund is both a pension fund and provident fund. History The National Social Security Fund was established in 1965 through the Act of Parliament Cap 258 of the Laws of Kenya. It initially operated as a Department of the Ministry of Labour until 1987 when the act was amended, transforming the fund into a state corporation under the management of a board of trustees. Under the National Social Security Fund Act of 2013, both employed and the self-employed and their dependents qualify as contributing members. The Act on pension requires all Kenyans that are above 18 years of age to register to the program. The board of trustees is composed of workers' representatives through ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
