deferred pay

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Under European equality law, an occupational pension is defined as deferred pay. In other words, it forms part of remuneration and represents payment for labour but is withheld until the point of retirement in order to provide for security in old age or because of medical incapacity. The inclusion of pensions in pay is important because it establishes the legal principle that there should be equal treatment within pension schemes for men and women doing similar work or work of equal value.

Subjects: Human Resource Management.

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