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occupational pension scheme Schemes set up by employers to provide some degree of financial protection against such contingencies as old age, accidents, illness, death, etc. In some countries, leave, rest periods, life insurance, are also considered as employee benefits. Use the broader term PRIVATE PENSION SCHEME for schemes contracted outside the work environment, and FRINGE BENEFIT for additional remuneration received by employees in cash, kind or services over and above payment for work done, e.g. allowances for housing, meals, travel and moving expenses, etc. (1997) | |
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