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Human Resources vocabulary · Pay, Payroll & Benefits

Pension

Meaning in human resources, with examples

/ˈpenʃən/nounCore term

In human resources, pension means: Money paid regularly to a person after they retire, or the savings plan that employers and employees pay into during working life to provide it.

In Turkish: emeklilik planı, emekli maaşı, emeklilik fonu

How it is used

A key benefit. HR talks about the workplace pension, pension scheme and employer contributions. In the UK most employees are enrolled automatically; in the US a common plan is the 401(k).

Example sentences

  1. The company pays 5% of your salary into your pension, and you pay 3%.

  2. You can increase your pension contributions through the HR portal.

Common collocations

  • workplace pension
  • pension scheme
  • pension contributions
  • opt out of the pension
  • company pension
  • benefitsThings an employee gets from their job in addition to pay, such as health insurance, a pension, meal allowances or extra days off.
  • deductionAn amount of money taken from an employee's pay before they receive it, for example income tax, social security, pension or union fees.
  • compensationEverything an employee receives for their work, including salary, bonuses and benefits. It can also mean money paid to someone for a loss or injury.
  • payrollThe process of calculating and paying employees' wages, including tax and other deductions; also the list of people a company pays.

More terms: Pay, Payroll & Benefits

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