A process that a person goes through when they go from being active to inactive at work due to a series of circumstances such as age or a physical problem. After a favorable resolution, the interested party obtains an economic benefit for their entire life. Depending on the country. labor legislation establishes different conditions in this regard.
Two types of retirement pension can be differentiated:
  • Contributory: Financed thanks to the contributions made to the system by the workers themselves through their contributions and those of their employers, known as employer contributions.
  • Non-contributory: Aimed at people who have not made enough contributions to benefit and generate rights in the other modality.