The elderly people are known to constitute a major portion of the population in the world and after they retire; it becomes difficult for them to meet their everyday expenses. This is the reason why old-age pension has become an important part of their life because the pension amount is used by them for meeting their medical costs and other related expenses. Moreover, there are a large number of employers who prefer providing pension to their retired employees for ensuring that they will get a better quality of life.
Old-age pension offers the elderly with a reliable source of income on a continuous period of time after they have stopped working. Their employers keep a certain portion of their monthly income aside for making sure that the amount will be used for paying them pension even after they retire. This is very important for the health and well being of the older population so that they will not suffer from any financial problems. Even after the death of the pensioner, the amount of pension is paid to their dependents so that they will be remunerated for the services offered to the society at large.
The old-age pension works as security after the completion of the working period after the individual has dedicated his/her life for working for an employer. This money can be very useful for helping them with their expenses even when they are not earning enough income. The pension is also a very valuable source of income for people living beyond the poverty line and it helps a large number of retired people to live a life of dignity. Therefore, people who are eligible for the pension need to register for the same for making sure that they will get the pension amount throughout their lifetime and after their death to their family members.