The adjective 'pensionable' describes a position, service period, or salary that qualifies an individual to receive a pension, a regular payment made during retirement from a fund to which that person or their employer has contributed. Eligibility often depends on factors such as years of service, age, and the specific terms of the pension plan. It signifies that an individual is accruing or has accrued benefits towards a future retirement income. pensionable status is an important consideration for employees when evaluating job offers and career paths.
Pensionable meaning with examples
- Sarah's new job is pensionable, offering a significant long-term financial benefit that her previous contract lacked. This provides her with peace of mind about retirement planning.
- During negotiations, the union fought to ensure that all part-time employees were classified as pensionable, expanding the benefits to more staff. The outcome significantly improved employee morale.
- After 25 years of pensionable service, John was eligible for full retirement benefits, giving him the freedom to pursue his hobbies and spend time with family.
- The company's revised policy made contributions to the pension plan pensionable from the employee's first day, attracting top talent seeking stable long-term opportunities.