Identify the term for the one-time fund that is provided to an employee at retirement.

Provident fund

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Pension

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Gratuity

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Medical allowance

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Solution

The correct option is C Gratuity
Provident funds are employees' savings schemes in which the employer also contributes. Medical allowances are funds that cover the medical expenses of employees if they get sick and are hospitalised. Gratuity is a one-time fund that is provided to an employee at retirement. Pensions are periodic payments that are provided after an employee retires.

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