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Public pension

公的年金 ／ public-pension　—　Institutions

A pension operated by the state under law. Japan has a two-tiered system consisting of the National Pension and the Employees' Pension.

Assignat of 50 sols Assignat of 50 sols1793
A real specimen of the related term “Pension”.

It is primarily based on a structure (pay-as-you-go system) where premiums paid by the working generation finance the pensions of the generation currently receiving them. The U.S. Social Security pension and the U.K. State Pension are based on the same principle. The names, amounts, and retirement ages differ.