What is the term for the money an employee receives from the government after retirement?

The term for the money an employee receives from the government after retirement is commonly referred to as the state pension. This system is designed to provide financial support to individuals who have reached retirement age, based on their previous contributions to the government’s social insurance programs over their working lives.

The state pension represents a form of social insurance that ensures a basic income during retirement, which is crucial for many individuals who may not have sufficient savings or other sources of income after they stop working.

In contrast, severance pay relates to compensation paid to employees upon termination of employment, typically not linked to retirement. A retirement fund refers to a savings plan or account set up by individuals to save specifically for retirement, but it is not a direct government payment. Social security benefits encompass a broader category of financial contributions that may include retirement benefits, but the specific term regarding the structured benefit an individual receives directly upon retirement typically aligns with the state pension.