GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW) | ||||||
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12:42 Jul 22, 2008 |
German to English translations [PRO] Bus/Financial - Human Resources / Altersteilzeit | |||||||
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| Selected response from: Ingrid Moore Local time: 12:18 | ||||||
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Summary of answers provided | ||||
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4 | block model partial retirement |
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block model partial retirement Explanation: Block model partial retirement Partial retirement has come to play a key role in the economy as a personal finance and labour market policy early retirement model, enabling older workers to move into retirement in a way which suits society. Employers can claim Federal labour agency subsidies when refilling the jobs this frees up. Subsidies are available for all partial retirement schemes starting by 31 December, 2009. The so-called 'block model' is the most widely used version of partial retirement schemes. It breaks down early retirement into two equal phases: the working phase and the release phase. During the working phase, employees contribute 100 per cent of their working hours and are paid 50 per cent of their full time salary. To avoid employees losing out too much financially, employers are required to pay additional 'top-up contributions': one top-up on statutory pension contributions and one on regular monthly pay. After half the partial retirement period the employer and employee agreed on, the employee is released from work. In this release phase, the employee receives the 50 per cent pay component they were not paid while they were working, plus current top-ups as before. Benefits to you at a glance: Helps to manage your company's age structure actively Helps motivate older staff; Federal labour agency subsidies http://www.dekabank.de/db/en/vorsorgemanagement/altersteilze... Part-time working arrangements for employees approaching retirement are based on the block model of the partial retirement arrangement (Altersteilzeit). Two types of obligations, both measured at their present value in accordance with actuarial principles, arise and are accounted for separately. The first type of obligation relates to the cumulative outstanding settlement amount, which is recorded on a pro rata basis during the term of the arrangement. The cumulative outstanding settlement amount is based on the difference between the employee’s remuneration before entering partial retirement (including the employer’s social security contributions) and the remuneration for the part-time service (including the employer’s socialsecurity contributions, but excluding top-up payments). The second type of obligation relates to the employer’s obligation to make top-up payments plus an additional contribution to the statutory pension scheme and is recognized in full when the obligation arises; http://devgdtag06.sul.t-online.de/en/ka/konzernanhang/grundl... |
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