Definition, Meaning & Synonyms
old-age-pension
noun
/oʊld eɪdʒ ˈpɛnʃən/
Definition
A regular payment made by the government to people of retirement age to support their living expenses.
Examples
- After years of hard work, she is now enjoying her old-age pension, allowing her to travel.
- The government increased the old-age pension to help seniors cope with rising living costs.
- Many people rely on their old-age pension as their primary source of income in retirement.
Meaning
A financial benefit provided to elderly individuals who have retired from work, ensuring they have a source of income during their later years.
Synonyms
- Retirement benefit
- Pension
- Social security
