Do Bank Employees Also Receive Pensions?

[Good-Person]

I live in a country where even bank employees receive their pensions every month. Many of such kind of people work in governmental banks and some work in private banks. So, do bank employees in your country also receive pension? How much pension do they receive?

 

[Shortie]

I do believe that people who are hired and employed by the bank do receive a pension that goes into a fund that they can have access to from their pension age. I don't know how much they get though as that is something that is personal between the government and the person receiving the pension.

 

[Planbizzle]

I live in a country where even bank employees receive their pensions every month. Many of such kind of people work in governmental banks and some work in private banks. So, do bank employees in your country also receive pension? How much pension do they receive?

Yes, based on the kind of deal offered by the organization, bank staff may get pensions. Some banks have guaranteed employee benefits, often referred to as pension plans. These programs usually offer a predetermined monthly retirement paycheck depending on the employee's wages and years of work experience. Other banks may provide retirement savings plans, such as 401(k) schemes, which allow workers to save pre-tax wages in an investment that develops over time and can be used in retirement.

 

[eenya001]

definitely bank workers do receive their mention and that is one thing i like about the banking industry, but apart from this, i do not ever see myself working in the banking industry.

 

[Yohanna]

In my country, the banks are owned by private individuals and it is a known fact that private individuals does not pay pensions which is why the bank retirees would not receive pension.

 

[Kane]

In our country, state-owned banks offer pensions to their employees after 20 years of service and private banks do not offer pensions but give you one time retirement funds.

 

[Ernestnari]

They might have a contributory pension fund. Apart from that, the employer doesn't directly pay them pension. That's because private firms don't pay pensions. They give them a lump sum of money on retirement.

 

[Trey]

Most banks are pension fund managers. I am sure they have a scheme for their staff to contribute to their pension. In a bank I know, it is optional. But they are generally not compelled to pay pensions to their staff.

 

[Good-Person]

They might have a contributory pension fund. Apart from that, the employer doesn't directly pay them pension. That's because private firms don't pay pensions. They give them a lump sum of money on retirement.

The amount of pension money bank employees receive may differ a lot. Some bank employees receive more than others. Governmental bank employees' pensions also differ.

 

[Ernestnari]

In our country, state-owned banks offer pensions to their employees after 20 years of service and private banks do not offer pensions but give you one time retirement funds.

It is nice to hear that they are state owned banks in your country. In my own country, the entire banking sector is run by private individuals. Are those state banks as efficient as private banks in terms of service delivery?

 

[Kane]

Don't you have government-owned banks? Here we have development banks as well as commercial banks entirely owned by the government. There are about half a dozen government owned banks that have over 1000 branches.