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Exact(32)
The pension system is based on defined contributions.
"I don't want to go down the road of the private sector and defined contributions.
Cutting pensions, or worse, converting to defined contributions, effectively ends the contract.
The defined contributions system allows the government to rectify its mistake of "funding its own liability," he said.
That is when these companies hope to introduce "defined contributions," or vouchers, that employees would use to purchase their own health care.
Before the conference started, more than 180 countries had submitted pledges to cut or curb their carbon emissions (intended nationally defined contributions, or INDCs, in the UN jargon).
Similar(28)
Increasingly, however, firms are favouring "defined contribution" schemes.
"Low interest rates have devalued all pensions – whether this be defined benefit or defined contribution.
Private pensions – whether defined benefit or defined contribution – are based on income.
They have been replaced by money purchase or defined contribution (DC) schemes.
A smattering of companies are serving as a sort of bridge to defined contribution.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com