Have you ever wondered what the difference is between pension and retirement? These terms are often confused or used as synonyms, but their meaning and application are different.
We will share with you the difference between these two terms so that you can use them appropriately.
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Pension can be considered a general term, while retirement is a more specific one; however, the former encompasses the latter.
Retirement can be defined as the moment when a person stops working actively, while pension refers to the economic amount that a person will receive periodically after having retired.
Pensions can be periodic, temporary or for life depending on the scheme through which the worker reaches retirement.
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In Mexico, the institutions through which workers reach retirement and are granted their pension are the Mexican Social Security Institute (IMSS) for the private sector and the Institute of Social Security Services for State Workers (ISSSTE) for public sector workers.
The IMSS defines a pension as an economic benefit whose function is to protect workers in situations such as work accidents, illness or accidents outside the work area or reaching 60 years of age or older.
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The benefits granted to workers who have reached the retirement age include, in addition to monetary compensation or pension, the enjoyment of medical services for them and their beneficiaries.
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2024-08-20 10:10:36