PENSION BOOK Meaning and
Definition
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A pension book refers to a physical document issued by an organization, typically a government agency or a private pension provider, to recipients of pension benefits. This book serves as a record of pension entitlements and acts as a means of identification and verification for individuals receiving regular pension payments.
The pension book contains important details related to the pensioner, including their personal information and unique identification number. It also includes information about the pension scheme, such as the amount and frequency of pension payments, as well as any relevant terms and conditions. The book is typically designed to prevent fraud and ensure secure and consistent disbursement of pension funds.
Pension books are often utilized in countries where more traditional methods of record-keeping and payment distribution are employed, and where electronic means of financial transactions may not be widely accessible or preferred by pensioners. Furthermore, pension books are commonly used by pensioners who may not be technologically savvy or lack access to digital platforms, ensuring that they can easily keep track of their pension benefits.
In recent years, with the advancement of digital banking and the widespread adoption of electronic payment methods, pension books have become less prevalent in many countries. Nevertheless, they still hold importance in certain regions and continue to serve as a reliable and tangible resource for pensioners, allowing them secure access to their pension funds and financial stability in their post-retirement years.
Common Misspellings for PENSION BOOK
- oension book
- lension book
- 0ension book
- pwnsion book
- psnsion book
- pdnsion book
- prnsion book
- p4nsion book
- p3nsion book
- pebsion book
- pemsion book
- pejsion book
- pehsion book
- penaion book
- penzion book
- penxion book
- pendion book
- peneion book
- penwion book
- pensuon book
Etymology of PENSION BOOK
The word "pension book" derived from the Middle English word "pension", which originally comes from the Latin word "pensio" meaning "payment" or "reward". In the past, pension referred to the regular payment or allowance given to retired workers or individuals who had achieved a certain age. The term "book" is used to describe a small booklet or document where these pension payments were recorded and kept track of. Thus, the term "pension book" emerged to describe the document that contained the records and details of a person's pension payments.
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