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Pension’s administration in the United States

Pension’s administration in the United States differs slightly from the manner it is issued in Germany. In the United States, the main pension model is the “pay as you go” scheme. This method is used by the government to ensure that the retired citizens who retire are well looked after. Normally, a premium payment is deducted from their salaries and remitted to the government coffers for the duration of that persons working life. In such scenarios, the retirement age is normally stipulated and everyone who successfully remits their portions qualifies for a pension scheme. In contrast, in Germany, there are three kinds of pensions. These include the mandatory state provision, the voluntary occupation pension provision, and the private provision. In the mandatory state provision, civil servants in Germany are exempted from paying any monthly contributions.However, their salaries are similarly lower as compared to those in the private sector. The voluntary occupation pensions are provisions provided by a private company to its employees. This covers the majority of Germany’s population as 50% are covered in this scheme. In addition, there is the private pension provision where people personally fund their pensions. Such pension funds cannot be seized by creditors or states and are a way to accommodate all parties in the economy. Despite the pension scheme, individual who retire always get their dues and are well taken care of in all countries, regardless of the method used. The one with risks are the private pensions since pensioners are at the risk of the success of the business. If the funds are invested or are lost, such schemes fail to live up to the purpose meant for them.

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