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The primary social welfare program in South Korea is the Basic Livelihood Security Programme (BLSP), which covers 3% of the country's population (about one fifth of the 15% of South Koreans living in relative poverty). [4] Another program, the National Basic Livelihood Security System (NBLSS) was introduced in 2001. [3]
A pension (/ ˈ p ɛ n ʃ ən /; from Latin pensiō 'payment') is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work.
In the United States, a 401(k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401(k) of the U.S. Internal Revenue Code. [1]
The pensions system in Austria is composed of three parts: occupational pensions, private pensions, and state pensions. [1] However, private and occupational pensions are secondary to the public pension issued through the state.