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单词 unfunded pension scheme
释义 unfunded pension scheme

A pension scheme with no pension fund. The pensions of current beneficiaries are paid by a former employer out of current revenue or contributions by present employees, on a pay-as-you-go basis. Such pensions are safe only if the employer cannot become insolvent or cease to trade; this normally requires either state ownership or a state guarantee.

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更新时间:2024/5/20 17:44:56