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Question
Rohit is a serving bureaucrat in the Finance Ministry. He has a plan in place to support himself after his retirement. Rohit sets aside a small part of his salary into an account every month. Once Rohit reaches the age of his retirement, he can withdraw the money from his account and invest that money in different ventures. Such an account is called _________.
Rohit is a serving bureaucrat in the Finance Ministry. He has a plan in place to support himself after his retirement. Rohit sets aside a small part of his salary into an account every month. Once Rohit reaches the age of his retirement, he can withdraw the money from his account and invest that money in different ventures. Such an account is called _________.
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Solution
The correct option is A pension account
Rohit, being a serving bureaucrat, is entitled to a lot of benefits like pension, insurance, etc. Pension is a form of a retirement plan, to suppport themselves in their old age. If Rohit reserves a small part of his salary every month, for a long period of time, the amount of money in his pension account would be sizable enough, to support him in his old age. Once Rohit reaches the age of superannuation, he can withdraw the entire amount and invest it in some venture, to aid himself after retirement.
Rohit, being a serving bureaucrat, is entitled to a lot of benefits like pension, insurance, etc. Pension is a form of a retirement plan, to suppport themselves in their old age. If Rohit reserves a small part of his salary every month, for a long period of time, the amount of money in his pension account would be sizable enough, to support him in his old age. Once Rohit reaches the age of superannuation, he can withdraw the entire amount and invest it in some venture, to aid himself after retirement.
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