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Question
What is meant by retirement ? Explain the two types of retirement.
Short Note
Solution
Retirement means to withdraw from one’s position or occupation or from active working life. You can achieve retirement when you have sources of income that do not have to be earned by working. Two types of retirements are :
Superannuation: Superannuation refers to retirement you take after you have reached a predetermined age. In most countries, the government sets this age.
Voluntary retirement: Government servants may retire from service voluntarily with pensionary benefits before attaining the age of superannuation.
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Retirement
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