final salary
Last pay amount
Final salary describes a pension scheme where retirement benefits are calculated based on earnings at or near the end of employment rather than averaged across a career.
A final salary pension typically multiplies years of service by a fraction of that final pay: His final salary pension pays two-thirds of what he earned when he retired.
These plans, once common in the public sector and large corporations, have largely been replaced by defined contribution schemes.
Predetermined retirement payment arrangement
- pension schemeStructured retirement savings program
- pension fundPooled retirement investment
- vestingGaining full ownership
- actuaryFinancial risk analyst
beneficiary · annuity · lump sum · commutation · survivor benefits · early retirement · indexation · cost of living adjustment
Proposal to provide
- counterofferAlternative terms proposed back
- bargainingNegotiating mutually acceptable terms
- termsConditions of an agreement
- packageWrapped item for delivery
agreement · compromise · leverage · proposal · expectations · conditions · concessions · deal
Payment for work
- remunerationPayment for work done
- earningsMoney gained from work
- gross payEarnings before withholdings
- base payCompensation before additions
payroll · income · emolument · stipend · paycheck · fee · honorarium · allowance
Payment promised without condition
- lifetime incomeTotal career compensation
- predictabilityCapacity to be anticipated
- certaintyTotal absence of doubt
- stabilityResistance to displacement
dependability · reliability · fixed income · assurance · permanence · protection · safeguard
Time employed somewhere
- career averageAggregate statistical performance
- revaluationReassessing something's worth
defined benefit
Predetermined retirement payment arrangement
- pension schemeStructured retirement savings program
- pension fundPooled retirement investment
- vestingGaining full ownership
actuary · beneficiary · annuity · lump sum · commutation · survivor benefits · early retirement · indexation · cost of living adjustment · inflation protection
offer
Proposal to provide
- counterofferAlternative terms proposed back
- bargainingNegotiating mutually acceptable terms
- termsConditions of an agreement
package · agreement · compromise · leverage · proposal · expectations · conditions · concessions · deal · benefits
wages
Payment for work
- remunerationPayment for work done
- earningsMoney gained from work
- gross payEarnings before withholdings
base pay · payroll · income · emolument · stipend · paycheck · fee · honorarium · allowance
guaranteed income
Payment promised without condition
- lifetime incomeTotal career compensation
- predictabilityCapacity to be anticipated
- certaintyTotal absence of doubt
stability · dependability · reliability · fixed income · assurance · permanence · protection · safeguard
service years
Time employed somewhere
- career averageAggregate statistical performance
- revaluationReassessing something's worth
buyout
Purchase of controlling interest
- deficitAmount still owed
- underfundingInadequate monetary allocation
- liabilityLegal or financial obligation